Sensex, Nifty Open Higher On Fed Rate Cut Hopes

(RTTNews) - Indian shares were modestly higher on Friday as weak U.S. labor market data fueled fresh hopes for a Federal Reserve rate cut this month.

The benchmark BSE Sensex was up 167 points, or 0.2 percent, at 80,884 in early trade while the broader NSE Nifty index edged up by 68 points, or 0.3 percent, to 24,802.

Biocon advanced 1.4 percent after the U.S. FDA completed inspection of its Bengaluru facility.

Swiggy gained 1.6 percent on launching a new service called Giftables, an instant gifting platform that allows users to order and deliver curated gifts within minutes.

NTPC was moving lower after permanently halting operations at the Tanda Thermal Power Station stage-I (four units of 110 MW each) in Uttar Pradesh.

IndusInd Bank was marginally lower. The bank's former CFO has urged the Centre to suspend the bank's Chairman Sunil Mehta, accusing him of concealing accounting discrepancies.

Ola Electric Mobility slumped 5 percent as Japan's SoftBank Group reduced its stake in the company to 15.68 percent from 17.83 percent.

Varun Beverages fell 2.2 percent after incorporating a joint venture company to manufacture visi-coolers and other refrigeration equipment.