Sensex, Nifty Open Higher On Fed Rate Cut Expectations
(RTTNews) - Indian shares opened on a positive note Friday as global bond yields declined on expectations that the U.S. Federal Reserve will cut interest rates this year to prevent a bigger slowdown in the world's largest economy.
Federal Reserve Bank of Atlanta President Raphael Bostic said he continues to expect one interest rate cut this year in the fourth quarter as inflation shows progress.
The benchmark S&P BSE Sensex was up 370 points, or half a percent, at 79,609 in early trade while the broader NSE Nifty index was up 115 points, or half a percent, at 24,160.
Reliance Industries climbed 1.3 percent after Jio increased prices of popular prepaid and postpaid plans by up to 25 percent. Bharti Airtel rose 1.2 percent while Vodafone Idea fell about 1 percent.
Ambuja Cements gained 1 percent after its board approved merger of Adani Cementation with the company.
BHEL rallied 2.2 percent on bagging an order worth Rs 13,000 crore to set-up 1600 MW-thermal power project in Jhankhand.
AU Small Finance Bank edged up 1.2 percent and RBL Bank added 2.5 percent on fund raising reports.
Raymond was slightly higher after its board approved reappointment of Gautam Singhania as MD.
Polycab tumbled 3.6 percent on reports that promoters are likely to offload up to 2.04 percent stake in the company through block deals, according to reports.
HCL Technologies edged down slightly after 1.24 crore equity shares sold for Rs 1,788 crore in block deals.
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