The BSE Sensex was trading up 116 points or 0.14% at 81,642. The Nifty 50 was trading up 13 points or 0.07% at 24,659 around 9:27 am.
Other Asian markets also advanced higher, with the MSCI Asia ex-Japan index rising 0.4%. Meanwhile, most Wall Street equities closed higher overnight after data showed the US consumer price index (CPI) rose 0.3% on a monthly basis and 2.7% on a yearly basis in November.
The likelihood of a 25-basis-point Fed rate cut has risen to about 99%, up from 89% a day earlier, according to CME FedWatch.
The Nifty IT index rose 0.83%, led by gains of 1-2% in Tech Mahindra, Persistent Systems, Coforge and Emphasis.
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Other major indices including Nifty Bank and Nifty Financial Services also opened higher. In contrast, Nifty Auto, PSU Bank, Consumer Durables and Oil & Gas indices opened in the red.
Among individual stocks, Gland Pharma rose 5% in early trade after the company received approval from the US Food and Drug Administration (FDA) for a vitamin K deficiency injection.
Shares of Reliance Power also opened 5% higher after its unit Reliance NU Suntech bagged India’s largest solar power and battery storage project from Solar Energy Corporation of India.
Meanwhile, economists expect domestic inflation to moderate in November, according to a Reuters poll. Data is after market hours, day after day.
Expert view
“The market’s range-bound consolidation pattern is set to continue. The bull run continues unabated in the US, with the Nasdaq setting a new record and closing above 20,000 yesterday. The Magnificent Seven stocks showed their resilience and uptrend despite elevated valuations. The strength of the mother market, indicating that the global market boom is intact, should also support other markets is,” Dr. V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“Although US CPI inflation in November was 2.7%, slightly higher than the October figure, this was expected, and hence, expectations of a 25bps rate cut by the Fed remain intact. In India, the November CPI numbers, to be released today, will be keenly watched,” Vijayakumar added. .
“The short-term trend remains bullish, as it is above its 5, 10, and 20-day EMAs,” said Deepak Jasani, Head of Retail Research, HDFC Securities. Short-term support for the Nifty is seen at 24,354, while resistance is at 24,832. is.”
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