Sensex, Nifty Open Higher On Hopes For Fed Rate Cuts
(RTTNews) - Indian shares opened on a positive note Friday as soft labor market data from the U.S. added to expectations for rate cuts by the Federal Reserve in the coming months.
The benchmark S&P BSE Sensex was up 250 points, or 0.4 percent, at 72,655 in early trade while the broader NSE Nifty index was up 68 points, or 0.3 percent, at 22,025.
BPCL rallied 3.2 percent after its board approved a 1:1 bonus issue.
Asian Paints added 1.2 percent after posting modest growth in Q4 net profit.
Jupiter Wagons jumped 3.5 percent on robust Q4 results.
Cipla, Eicher Motors and Tata Motors were seeing modest gains ahead of their earnings results due today.
Indian Overseas Bank edged up slightly after reporting its highest-ever quarterly profit.
PNB rose about half a percent after quarterly profit surged 160 percent year-on-year.