Sensex, Nifty Open Higher On Firm Global Cues
(RTTNews) - Indian shares opened on a positive note Monday as a benign June PCE inflation report from the United States lifted hopes for more interest rate cuts this year.
The benchmark S&P BSE Sensex was up 323 points, or 0.4 percent, at 81,655 in early trade, while the broader NSE Nifty index was up 83 points, or 0.3 percent, at 24,917.
Ultratech Cement rose over 1 percent after it acquired a majority stake in India Cements.
ICICI Bank rallied 2.4 percent on reporting nearly 15 percent growth in Q1 net profit.
Tata Motors gained 1 percent on reports that it will lay the foundation stone for a Rs. 9,000 crore manufacturing facility for Jaguar Land Rover (JLR) by September.
Punjab National Bank surged 6.3 percent as the lender reported its highest-ever quarterly standalone profit of Rs. 3,252 crores, helped by a decline in bad loans and an improvement in interest income.
SpiceJet jumped nearly 5 percent. The Supreme Court has upheld the Delhi High Court's recent decision to overturn a single-judge order that had directed the airline to refund Rs. 270 crores to Sun Group promoter Kalanithi Maran.
REC advanced 1.6 percent as Q1 net profit met estimates.
Dr Reddy's Laboratories fell more than 1 percent after reporting a marginal dip in Q1 net profit.
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