June 25, 2024

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Sensex, Nifty Rally As US Inflation Meets Expectations

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Indian shares traded sharply higher on Friday after the Federal Reserve’s preferred inflation gauge met consensus forecasts, helping ease concerns surrounding interest-rate cuts. Strong Q3 GDP data also boosted investor sentiment.

The benchmark S&P BSE Sensex was up 675 points, or 0.9 percent, at 73,175 in early trade while the broader NSE Nifty index was up 208 points, or 1 percent, at 22,191.

Adani Enterprises was little changed after divesting entire stake in subsidiary Vizag Tech Park, to Adani Infrastructure and Developers, for Rs 150.81 crore.

Godrej Industries rallied 1.6 percent after increasing its stake in subsidiary Godrej Capital.

Welspun Enterprises jumped 4 percent on receiving a Letter of Acceptance for a project worth Rs 4,123.8 crore from Brihanmumbai Municipal Corporation.

One 97 Communications climbed more than 3 percent as Softbank cut its stake in the company to under 3 percent.

Zomato hit a record high before paring gains to trade 1 percent higher at Rs. 166.90 on the BSE.

CG Power soared 7 percent on news it would invest Rs 7,600 crore to set up a semiconductor unit in Gujarat in partnership with Renesas Electronics Corp.

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2024-02-29 23:47:16

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