Sensex, Nifty Follow Wall Street Higher; Metal Stocks Surge
(RTTNews) - Indian shares opened higher on Friday after Wall Street stocks surged overnight on optimism that the Federal Reserve will not follow through with more rate hikes.
The benchmark S&P/BSE Sensex was up 290 points, or half a percent, at 63,207 in early trade, while the broader NSE Nifty index was up 83 points, or 0.4 percent, at 18,771.
Among the top gainers, JSW Steel, Adani Enterprises, UPL, Hindalco and Dr Reddy's Laboratories jumped 1-3 percent.
Reliance Industries rose about 1 percent. Morgan Stanley said refining and chemicals margins are expanding for the company in a well-supplied oil market.
Hero MotoCorp was down 0.6 percent to extend steep losses from the session on reports the Ministry of Corporate Affairs has ordered a probe against the company in a fund diversion case.
ONGC edged up slightly after signing a mega pact with Indian Oil Corporation to explore downstream opportunities.
BHEL rallied 1.8 percent after signing a pact with Volvo Eicher Commercial Vehicles RITES rose 1.3 percent on bagging a contract from Zimbabwe Railways.
Ramkrishna Forgings jumped 3.7 percent and Titagarh Wagons climbed 2.5 percent. A consortium of the company has won an order worth Rs 12,226.5 crore from the Indian Railways to manufacture and supply 15.4 lakh forged wheels over 20 years.
European Shares Drift Lower Ahead Of US Inflation Reading
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Australian Dollar Rises Against Majors
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Sensex, Nifty Struggle For Direction In Early Trade
