Indian shares open higher on IT boost, soft inflation data
- The Nifty 50 rose 0.2% to 25,277.55, while the BSE Sensex nudged 0.09% higher to 82,404.54
India’s equity benchmarks inched higher on Tuesday, supported by IT stocks following upbeat quarterly results from HCL Tech, while softer retail inflation has raised hopes of a potential rate cut by the central bank in December.
The Nifty 50 rose 0.2% to 25,277.55, while the BSE Sensex nudged 0.09% higher to 82,404.54, as of 9:15 a.m. IST.
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Fifteen of the 16 major sectors logged gains, with the Nifty IT index rising 0.6%.
Shares of HCL Tech gained 1.4% after the country’s third-largest software services exporter maintained its annual revenue growth forecast of 3%-5% and beat second-quarter revenue estimates.
The broader small-caps and mid-caps rose 0.4% and 0.3%, respectively.
Meanwhile, domestic retail inflation slid to an eight-year low of 1.54% in September, government data showed on Monday, as food prices eased.
The sharp decline strengthened the case for a potential rate cut at the Reserve Bank of India’s policy meeting in December.
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