Sensex, Nifty Modestly Higher Led By Banks
(RTTNews) - Indian shares were seeing modest gains on Wednesday as softer-than-expected U.S. retail sales data reinforced bets of imminent Federal Reserve rate cuts.
The benchmark S&P BSE Sensex was up 150 points, or 0.2 percent, at 77,450 in early trade while the broader NSE Nifty index was up 22 points, or 0.1 percent, at 23,580.
Banks traded higher, with Kotak Mahindra Bank, Axis Bank, ICICI Bank and IndusInd Bank rising 1-2 percent.
On the losing side, Shriram Finance, Coal India, Adani Enterprises, BPCL and Titan Company fell 1-2 percent.
Paytm fell 1.2 percent after Goldman Sachs sold 44.20 lakh shares worth Rs 183 crore in the company via a block deal.
Indus Tower plunged 5.5 percent on reports that Vodafone Group will sell a 10 percent stake in the company for up to $1.1 billion to repay debt.
Raymond dropped more than 1 percent after institutional investor Advisory Services urged shareholders to vote against Gautam Hari Singhania's reappointment to the board.
Gland Pharma shed 0.8 percent after a block deal worth Rs 1,815 crore on the exchanges.
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