Indian shares open higher; IT leads on easing US growth woes
Updates at 9:18 a.m. IST
BENGALURU, Aug 16 (Reuters) -Indian shares opened higher on Friday, led by information technology stocks after U.S. economic data allayed fears of recession in the world's largest economy, spurring a global rally.
The NSE Nifty 50 index .NSEI was up 0.77% at 24,330.75 as of 9:18 a.m. IST, and the S&P BSE Sensex .BSESN rose 0.82% to 79,762.65.
All the 13 major sectors logged gains, led by a 1.4% rise in the IT index .NIFTYIT.
Recent U.S. economic data, including benign consumer price inflation reading on Wednesday, strong retail sales print and low weekly jobless claims on Thursday, have diminished fears of a recession and spurred a rally across global markets.
Indian IT companies earn a significant share of their revenue from the U.S.
The broader, more domestically focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 rose about 1% each.
The MSCI Asia ex-Japan index .MIAPJ0000PUS rose 1.4%. MKTS/GLOB
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich and Mrigank Dhaniwala
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