Indian shares inch higher, led by Adani stocks, HDFC Bank
Updates for market open
Nov 28 (Reuters) -Indian shares inched higher on Thursday, led by Adani Group stocks and heavyweight HDFC Bank HDBK.NS, while IT firms slipped amid resurgent uncertainties over the trajectory of U.S. interestrate cuts.
The NSE Nifty 50 .NSEI was up 0.09% at 24,296.8 points as of 9:54 a.m. IST, while the BSE Sensex .BSESN rose 0.06% to 80,281.9. Meanwhile, the broader, more domestically focused small- .NIFSMCP100 and mid-caps .NIFMDCP100 rose 1% and 0.8%, respectively.
The AdaniGroup's flagship firm Adani Enterprises ADEL.NS jumped 3.3%. Adani Green Energy ADNA.NS and Adani Energy Solutions ADAI.NS jumped about 10% each, extending a rebound from a selloff triggered by the U.S. indictment of the group's founder last week. The Group hasdenied the allegations.
HDFC Bank, the stock with the heaviest weightageon the Nifty 50, gained 1.2%.
Overnight, U.S. inflation data signalled that the rate cut trajectory is going to be slower than expected, dragging IT stocks .NIFTYIT lower. A slowdown in U.S.rate cuts directly impacts client spending and affects sectors Indian IT firms.
($1 = 84.4100 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy and Sonia Cheema
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