Sensex Up 221 Points In Early Trade; Nifty Tops 11,900
(RTTNews) - Indian shares opened on a positive note Thursday ahead of the expiration of monthly derivatives contracts due later in the day. Global cues offered some support after the Federal Reserve cut interest rates, as widely expected.
The benchmark S&P BSE Sensex climbed 221 points, or 0.55 percent, to 40,273 in early trade, while the broader NSE Nifty index was up 59 points, or 0.50 percent, at 11,903.
Vodafone Idea plunged more than 5 percent after the company denied reports suggesting that it has approached lenders for debt cast.
Meanwhile, Reliance Jio Infocomm has reportedly objected to the Cellular Operators Association of India seeking relief for the telecom sector.
Tata Global Beverages rallied 2.7 percent despite reporting a 17 percent fall in Q2 net profit.
HDFC gained 0.6 percent after it acquired 9.89 percent stake in Bandhan Bank. Shares of the latter advanced 1 percent.
IT stocks traded mostly higher, with Infosys rising over 2 percent after recent heavy losses. According to the latest forecast by Gartner, Inc, global IT spending is expected to grow 3.7 percent in 2020, primarily due to enterprise software spending.
JK Tyre & Industries soared 11 percent after reporting over three-fold jump in its Q2 consolidated net profit.
Indian Oil Corporation rose 0.7 percent ahead of its quarterly earnings release.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.