Sensex, Nifty Edge Higher Led By IT Stocks
(RTTNews) - Indian shares eked out modest gains in early trade on Thursday as soft inflation data boosted hopes that the U.S. Federal Reserve will deliver at least two interest rate cuts in 2024.
The benchmark S&P BSE Sensex was up 208 points, or 0.3 percent, at 73,195 while the broader NSE Nifty index was up 67 points, or 0.3 percent, at 22,268.
IT stocks were seeing broad-based gains, with LTIMindTree, HCL Technologies, Tech Mahindra and Infosys all rising around 2 percent.
Mahindra & Mahindra rose 1 percent ahead of its earnings release.
SpiceJet rallied 2.4 percent after the Delhi High Court ordered the airline to return two leased Boeing aircraft and their engines to lessor TWC Aviation Capital over unpaid dues.
Bharti Airtel climbed 1.8 percent after its CEO Gopal Vittal emphasized the need for 'substantial tariff repair' across the industry.
Titagarh Rail Systems soared 7.4 percent as it reported a 64 percent year-on-year increase in net profit in Q4FY24.
Power Finance Corp added 2.3 percent on reporting a 25 percent increase in FY24 net profit.
TVS Motor Company gained 1 percent after entering the Italian market.
Jindal Stainless tumbled nearly 3 percent after it earmarked Rs 4,700 crore capex for the current fiscal.
Colgate-Palmolive India was marginally lower on reports it plans to launch products from its global portfolio of personal and home care brands over the next couple of quarters.
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