Sensex Jumps 375 Points On Fed Pivot Hopes; Nifty Tops 17,750
(RTTNews) - Indian shares opened on a positive note Thursday as U.S. Treasury yields continued to retreat on expectations that the Federal Reserve will start pivoting soon.
A pivot could include a complete pause on interest rates or a gradual reduction on the size of rate hikes.
The benchmark S&P BSE Sensex jumped 375 points, or 0.6 percent, to 59,920 in early trade, while the broader NSE Nifty index was up 116 points, or 0.7 percent, at 17,773.
HDFC, Tata Steel, Hindalco, Titan Company and JSW Steel rallied 2-4 percent in the Nifty pack, while NTPC and Maruti Suzuki India both fell around 1 percent.
Dabur India advanced 1.4 percent after it announced the acquisition of a 51 percent stake in Badshah Masala Pvt Ltd, the owners of the Badshah Masala brand.
Zee Entertainment Enterprises gained 1.2 percent. Media group Zee and Sony have agreed to sell three Hindi channels to mitigate regulatory concerns arising out of their merger deal.
Glenmark Pharmaceuticals tumbled 3.6 percent after the U.S FDA put its manufacturing plant at Baddi under import alert.
Crompton Greaves Consumer Electricals dipped half a percent on reporting an 18 percent decline in quarterly profit.
Hero MotoCorp edged up slightly. The two-wheeler maker has unveiled plans to enter the Philippines for which it has partnered with Terrafirma Motors.
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