Sensex, Nifty Open Higher On Dovish Fed Remarks
(RTTNews) - Indian shares were seeing modest gains on Tuesday amid hopes that the U.S. Federal Reserve will halt its campaign of interest-rate hikes.
The dollar slipped and bond yields eased after Federal Reserve Vice Chair Philip Jefferson said in a speech that the central bank needs to "proceed carefully to balance the risk of tightening too much."
Fed officials Mary Daly and Lorie Logan also recently said that tighter financial conditions could limit future rate hikes.
The benchmark S&P BSE Sensex was up 271 points, or 0.4 percent, at 65,789 in early trade while the broader NSE Nifty index was up 79 points, or 0.4 percent, at 19,591.
Adani Enterprises, Adani Power and Adani Ports jumped 2-3 percent. Adani Group issued a statement saying that there is a renewed attempt by the Financial Times and its collaborators to rehash old and baseless allegations to tarnish the name and standing of the Group.
Glenmark Life Sciences advanced 1.8 percent after it declared interim dividend of 1025 percent.
Maruti Suzuki India added 1.3 percent on news it plans to invest as much as Rs. 1.25 trillion by 2030-31 to develop 10-11 new models.
Dabur India edged up slightly after announcing the successful culmination of one of the industries' largest and most intricate cloud migrations.
Vodafone Idea rose about 1 percent despite warning of existential threat in a Supreme Court curative petition.
Tata Steel gained 1 percent after Fitch upgraded its ratings with a stable outlook.
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