Indian shares open at record highs on metals, pharma boost

BENGALURU, July 16 (Reuters) – Indian shares opened at all-time highs on Friday, boosted by metal and pharma stocks, with benchmark indexes set to log their first weekly gain in three.

By 0400 GMT, the NSE Nifty 50 index and the S&P BSE Sensex were up 0.21% each at 15,957.70 and 53,270.24, respectively. For the week so far, both the indexes are up more than 1%.

IT services firm Wipro Ltd’s opened at a record high after the company’s June-quarter profit beat analysts’ estimates. Shares are currently up 0.8% at 580.30 rupees.

However, the Nifty IT index, which scaled a peak in the previous session, was down 0.25%.

The Nifty Metal index was up 0.45%, lifted by gains in steel makers Tata Steel and JSW Steel , a day after world’s biggest producer China recorded a dip in crude steel output.

The Nifty Pharma index, which had closed 0.27% lower on Thursday, hit an all-time high. By 0407 GMT, it was up 1.66%.

Shares of Angel Broking jumped 11% to an all-time high after the stockbroker’s June-quarter consolidated profit more than doubled.

Asian shares, which headed lower on profit-taking in Taiwanese chip giant TSMC, weighed on other tech firms and broader risk sentiment.

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