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Sensex, Nifty Gain Led By IT Stocks
(RTTNews) - Indian shares were moving higher in early trade on Wednesday after Wall Street extended its rally overnight on bets of interest rate cuts in 2024.
The benchmark S&P BSE Sensex was up 302 points, or 0.4 percent, at 71,748 while the broader NSE Nifty index was up 95 points, or 0.4 percent, at 21,548.
IT stocks led the surge, with TCS, Wipro and LTIMindTree climbing 2-3 percent.
Eicher Motors and Tata Consumer Products rose over 1 percent each while Sun Pharma, Axis Bank and Coal India were seeing modest losses.
Other Asian markets traded mostly higher and the dollar was little changed while yields on the U.S. 10-year note hovered at 3.91 percent as investors awaited more U.S. data including Friday's update on the Personal Consumption Expenditures price index, the Fed's preferred inflation measure, for more clues on the Fed's rate trajectory.
Oil prices rose for a third straight session on fears of more supply disruptions in the Red Sea.
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