Indian shares opened higher on Wednesday, as worries abated over contagion in the U.S. banking sector and in-line inflation data cooled expectations regarding the size of the rate hike at next week’s FOMC meeting.
The benchmark S&P BSE Sensex was up 342 points, or 0.6 percent, at 58,242 in early trade, while the broader NSE Nifty index was up 104 points, or 0.6 percent, at 17,148.
Among the prominent gainers, Hindalco, Titan Company, Larsen & Toubro, UPL and Asian Paints all rose about 2 percent.
Cipla added 1 percent after it agreed to sell a 51.8 percent stake in its Ugandan subsidiary to Africa Capitalworks for $25-30 million.
Hindustan Construction Company advanced 1.5 percent on winning a Rs. 3,681 crore order in a joint venture with Megha Engineering & Infrastructures.
RailTel rallied 3.5 percent on securing an order worth Rs. 288 crore.
Bandhan Bank rose 0.7 percent on reports it plans to foray into the insurance business.
Bharti Airtel dropped 1.3 percent after hiking entry level prepaid tariff in three circles.
Reliance Industries gained about half a percent. The Competition Commission of India has approved its acquisition of Metro’s local business.
Sensex, Nifty Follow Global Peers Higher
2023-03-15 04:31:18
