Shares rise buoyed by TCS buyback plan, banking gains

Indian shares ended higher on Monday as Tata Consultancy Services’ market capitalisation touched ₹10 lakh crore ($136.46 billion) — on share buyback plans — and banking stocks gained after the government said it would waive interest levies on some loans under moratorium.

The NSE Nifty 50 index ended 0.76% higher at 11,503.35 and the S&P BSE Sensex gained 0.71% to close at 38,973.70. TCS said it would consider a share buyback later in the week when it reports results, sending its shares up as much as 8.1% to a record high of ₹2,728.10.

The Nifty IT index rose 3.47%. Shares in TCS, Wipro Ltd. and Infosys Ltd. were among the top percentage gainers on the blue-chip Nifty 50. The Centre had told the apex court it would waive the compounding interest component on loans up to ₹2 crore under a COVID-19 support plan, a legal filing showed. The Supreme Court will have its next hearing on the interest waiver case on October 13.

The NSE Bank index ended 0.56% higher, with shares of IndusInd Bank rising as much as 6.5% and Canara Bank Ltd. shares closing 0.6% higher.

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