Indian shares up on HCL Tech outlook; SEBI norms help small, mid-caps

BENGALURU, Sept 14 (Reuters) - Indian shares rose on Monday, boosted by HCL Technologies after the IT firm raised its outlook for the September quarter, while small- and mid-cap stocks were helped by a change in directions for multi-cap funds by the country’s markets regulator.

The NSE Nifty 50 index climbed 0.74% to 11,550 by 0347 GMT and the benchmark S&P BSE Sensex 0.83% to 39,173.09, both heading for their third straight session of gains.

The Securities and Exchange Board of India said on Friday multi-cap funds must invest at least 25% each in large-cap, mid-cap and small-cap stocks, boosting the Nifty Smallcap 100 by 4.4%, and the Nifty Midcap 50 Index by 1.9%.

The regulator, however, clarified here on Sunday mutual funds were free to choose the route to comply with those norms.

IT firm HCL Technologies Ltd was the biggest percentage gainer on the Nifty, jumping 4.8% to a record high, after it upgraded revenue and operating margin outlook for the September quarter.

Reliance Industries Ltd rose 1.7% to a record high and was the top boost to the Nifty, after local daily Mint reported that private equity firm Carlyle Group was looking to invest up to $2 billion in the conglomerate’s retail business.

Aiding sentiment, AstraZeneca resumed clinical trials of its COVID-19 vaccine, one of the most advanced in development, after getting the green light from safety watchdogs, pushing Asian shares higher on Monday.

Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V