scorecardresearchShares climb tracking Asia; Q3 results eyed

Shares climb tracking Asia; Q3 results eyed

Updated: 09 Jan 2023, 09:54 AM IST
TL;DR.
Overnight gains on Wall Street on Friday helped gains, with U.S. payrolls expanding more than expected even as wage increases slowed and eased worries about the Federal Reserve's future interest rate hike decisions.
Given the current scenario, Nifty’s fair value is seen at 19,500 by end CY23 (File Photo: PTI)

Given the current scenario, Nifty’s fair value is seen at 19,500 by end CY23 (File Photo: PTI)

(Reuters) -Indian shares opened higher on Monday, aided by a broad risk-on sentiment in the region after U.S. data hinted at less aggressive rate hikes, with investors turning their focus to corporate health as earnings season kicks off.

The Nifty 50 index climbed 0.61% to 17,967.85 as of 9:24 a.m. IST, while the S&P BSE Sensex rose 0.55% at 60,228.45.

Overnight gains on Wall Street on Friday helped gains, with U.S. payrolls expanding more than expected even as wage increases slowed and eased worries about the Federal Reserve's future interest rate hike decisions.

Broader Asian equities also got a boost from China re-opening its borders on hopes that it could improve the outlook for the global economy. The MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.9% to a five-month high. 

At home, IT major Tata Consultancy Services was 1% higher, ahead of its third-quarter results. The IT and metal indexes climbed more than 1% each in early trade.

Among other stocks, state-run electricity trader PTC India Ltd jumped 5% after a media report that the Adani Group was among possible bidders eyeing the acquisition of a stake in the company.

First Published: 09 Jan 2023, 09:54 AM IST