Indian Shares Open Higher On Fed Rate Cut Hopes

(RTTNews) - Indian shares opened on a buoyant note Wednesday as a slew of weak U.S. data boosted expectations for a Federal Reserve interest rate cut next month.

The benchmark BSE Sensex was up 373 points, or 0.4 percent, at 84,90 in early trade while the broader NSE Nifty index edged up by 126 points, or half a percent, to 26,010.

HCL Technologies gained 1 percent after announcing a strategic partnership with Amazon Web Services to speed up transformation in the financial services sector.

Jayant Infratech soared 5 percent on winning a Rs. 162 crore EPC contract from Konkan Railway.

Indraprastha Gas added 1.4 percent after signing a joint venture agreement with CEID Consultants & Engineering for compressed biogas plants and other biofuel projects.

Indian Overseas Bank rose nearly 2 percent on news it will receive an income tax refund of Rs. 835.08 crore for Assessment Year 2022-23.

Zydus Lifesciences rose about 1 percent on securing FDA approval for its Verapamil Hydrochloride extended-release tablets.

NCC gained more than 1 percent on winning a Rs. 2,063 crore construction order.

Bharti Airtel fell over 2 percent as a promoter group entity initiated a block deal worth around Rs. 7,100 crore ($806 million).