Indian Shares Open Higher As Fed-hike Fears Ease
(RTTNews) - Indian shares opened higher on Wednesday after U.S. President Donald Trump backed away from his threat to charge a 20 percent toll on all cargo going through the Strait of Hormuz and data showed U.S. headline and core inflation eased in June, prompting traders to scale back their expectations for Federal Reserve rate hikes this year.
The benchmark 30-share BSE Sensex was up 564 points, or 0.7 percent, at 77,629, after having fallen 0.7 percent on Tuesday to snap a three-session winning streak. The broader NSE Nifty index edged up by 163 points, or 0.7 percent, to 24,216.
Among the top gainers, SBI, Bajaj Finance, Indigo and UltraTech Cement were up around 2 percent each.
Union Bank of India gained 1 percent, HDFC Life Insurance Company rose over 2 percent and ICICI Prudential Life Insurance Company added 1.4 percent ahead of their earnings results due today.
Tata Elxsi slumped 5 percent as its Q1 results failed to impress investors. L&T Technology Services jumped 6 percent after the engineering and technology services company reported a healthy increase in quarterly profit and revenue.
Delhivery fell more than 1 percent after its wholly owned financial arm received Type II NBFC-ND registration approval from the RBI.
Jammu & Kashmir Bank rallied 3.3 percent after announcing it would divest a 0.5 percent stake in PNB MetLife India Insurance Company to MetLife International Holdings for Rs. 120.1 crore.
Hero MotoCorp gained 0.7 percent after it approved an additional investment of up to Rs. 10 billion in its associate company, Ather Energy. Shares of the latter soared 7 percent.
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