Sensex, Nifty Open Higher On RBI Rate Cut Bets
(RTTNews) - Indian shares opened on a firm note Thursday as signs of a slowing economy towards the end of 2024 and falling retail inflation reinforced the views that the Reserve Bank of India (RBI) will continue to loosen its monetary policy in coming months.
Sentiment was also aided after U.S. President Donald Trump said the U.S. and Russia will immediately begin negotiations toward ending the Ukraine conflict.
The benchmark 30-share BSE Sensex was up 424 points, or 0.6 percent, at 76,595 in early trade while the broader NSE Nifty index was up 140 points, or 0.6 percent, at 23,185.
Among the top gainers, Bajaj FinServ, JSW Steel, Cipla, Tata Steel and Bajaj Finance were up 2-3 percent.
Kotak Mahindra Bank rose nearly 2 percent after the Reserve Bank of India communicated its decision to lift restrictions placed on the bank.
Bharat Forge tumbled 3 percent on news it will partner with Liebherr to set up a manufacturing unit to address global aerospace industry demand.
Tata Power rallied 2.3 percent after announcing a partnership with ONGC to explore joint opportunities in battery energy storage.
ICICI Bank rose about 1 percent after announcing it will retain its majority stake in ICICI Prudential AMC.
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