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Sensex, Nifty open higher tracking positive global cues; Metal, pharma stocks gain

Equity benchmark indices opened on a strong note on Thursday tracking gains in Asia after US Federal Reserve Chair Jerome Powell reinforced prospects of a US interest rate cut later this month.

The Sensex was trading higher 103 points at 38,659, while the Nifty was up 21 at 11,520 levels.

Bajaj Finance, Tech Mahindra, and ICICI Bank are among the top losers on the Nifty50, while JSW Steel, Hindalco, and Tata Steel surged in morning trade.

Shares of Aurobindo Pharma gained 1% in early trade after the company announced the launch of Cinacalcet Hydrochloride Tablets in the US market via a filing on Wednesday after market hours.

Volatility gauge India VIX was down 3.17% at 13.20.

The most active stocks on the NSE are SBI, IndiGo, and HDFC Bank.

The Indian rupee opened higher 68.31 against the US dollar.

Meanwhile, Asian stocks rose and the dollar sagged on Thursday. Shares climbed across the region with South Korean and Hong Kong stocks outperforming. Earlier, the S&P 500 briefly topped 3,000 for the first time after Powell signaled a willingness to lower rates, citing a slowing global economy and trade issues.

Gold prices also rose to their highest in over a week on Thursday as the dollar pulled back from multi-week highs after comments from Federal Reserve Chairman Jerome Powell.

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