Sensex, Nifty Open Higher On Fed Rate Cut Hopes
(RTTNews) - Indian shares opened on a positive note Friday after data showed consumer prices surprisingly fell in June from the previous month, bolstering hopes for two Federal Reserve rate cuts this year.
The benchmark S&P BSE Sensex was up 135 points, or 0.2 percent, at 80,033 in early trade while the broader NSE Nifty index was up 53 points, or 0.2 percent, at 24,368.
TCS rallied nearly 3 percent after reporting an 8.7 percent rise in first-quarter net profit, beating expectations.
Peer HCL Technologies rose half a percent ahead of its earnings release.
Infosys gained 2 percent on bagging on order from the Delaware Labour Department.
Shipping Corporation of India surged 5.7 percent after the Union ministry of shipping reportedly proposed a joint venture between the state-run company and a public sector oil marketing company for manufacturing very large oil tankers.
Rashtriya Chemicals & Fertilizers soared 6.4 percent after its board placed a purchase order worth Rs 514.55 crore with Topsoe A/s for the revamp of its ammonia plant.
Oriental Rail Infrastructure jumped 5 percent on bagging a Rs 432 crore order from Indian Railways.
SJVN added 2 percent after data showed LIC has increased its stake in the state-run hydropower company to 2.26 percent.
Prestige Estates Projects rose 0.6 percent after releasing its Q1 sales data.
Power Finance Corporation edged up slightly after the government appointed Sandeep Kumar as Director of Finance.
Adani Wilmar climbed 1.1 percent after it agreed to acquire a majority stake of 67 percent in Omkar Chemical Industries in Gujarat.
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