Indian stocks commenced positively on Thursday inspired by a dip in U.S. Treasury yields due to heightened expectations of a Federal Reserve rate reduction in June. However, substantial gains continued to be restrained as investors patiently awaited crucial U.S. inflation data and commentary from the Federal Reserve for cues on the trajectory of rates.
In early trading, the S&P BSE Sensex, the benchmark index, surged 355 points or approximately 0.5%, to reach 73,351. Conversely, the broader NSE Nifty index escalated by 102 points, or about 0.5%, to stand at 22,226.
Dr Reddy's Laboratories saw an approximate 1% increase following its decision to enter into a distribution agreement with Sanofi Healthcare India Private. The partnership aims to promote and market the latter’s vaccine brands in India.
UltraTech Cement also enjoyed a 1% elevation after consenting to acquire a 26% stake in O2 Renewable Energy. SBI rose by 1.2% on the news of an increase in annual maintenance fees for debit cards, while NHPC grew by 1% based on fundraising reports.
Bharat Heavy Electricals experienced a significant 2.4% boost following its successful bid on a project worth Rs. 4,000 crores from Adani Power.
REC saw a 2% hike after its board sanctioned a market borrowing plan of Rs. 1.6 lakh crore for the fiscal year 2025. Additionally, Texmaco Rail & Engineering enjoyed a 1.2% surge after raising Rs. 250 crores through a Qualified Institutional Placement (QIP) issue.
