IT stocks lift Indian shares as coronavirus cases near a million

Indian shares ticked higher on Thursday, as coronavirus cases in the world's second-most populous nation neared 1 million, while an upbeat earnings by Infosys Ltd lifted IT stocks and capped losses.

By 0418 GMT, the NSE Nifty 50 index rose 0.42% to 10,661.15 and the S&P BSE Sensex was up 0.65% at 36,296.92.

Shares of bellwether Infosys Ltd surged over 9% after it reported a better-than-expected first-quarter profit on Wednesday evening and reinstated its full-year revenue growth guidance.

The Nifty IT index was up nearly 4% in early trade.

Coronavirus cases touched 968,876 as of Thursday morning, federal government data https://www.mohfw.gov.in showed, forcing many states and cities to impose fresh lockdowns to control its spread.

The pandemic has depressed domestic demand, with India reporting a trade surplus for the first time in over 18 years for June, as imports of crude oil, gold and other industrial products plunged, reflecting a slowing economy.

Miners Hindalco and Vedanta were among the session's top laggards as metal prices slid overnight ahead of key Chinese data that could shed light on demand.

The Nifty metals index was down 1.6% in early trading.