(Reuters) -Indian shares opened higher on Thursday, tracking other Asian peers, after underlying U.S. inflation softened in December, raising hopes for further easing by the Federal Reserve.
The Nifty 50 was up 0.53% at 23,340.3 points as of 9:15 a.m. IST, while the BSE Sensex added 0.58% to 77,146.82.
All the 13 major sectors advanced at the open. The broader, more domestically focussed smallcaps and midcaps rose about 1.3% each.
Other Asian markets rose on the day, with the MSCI Asia ex-Japan index gaining 1.3%.
Wall Street equities ended higher overnight, while U.S. Treasury yields eased after data on Wednesday showed that U.S. core inflation rose less than expected last month, increasing the likelihood of more rate cuts by the Fed.
Lower U.S. rates will make emerging markets, such as India, more attractive for foreign investment.
After the U.S. consumer price inflation data, traders are now pricing in two Fed rate reductions in 2025, compared to one after strong labour market figures last week, according to CME FedWatch Tool.
STOCKS TO WATCH
** Life insurance company HDFC Life posts rise in December-quarter profit on insurance boost
** IT company L&T Technology misses revenue estimates in the December quarter on the back of softer spends from its automotive client
** Aerospace and defence parts supplier Azad Engineering bags contract worth 9.60 billion rupees ($111.1 million) from GE Vernova International
** Hospital chain operator Shalby’s unit gets U.S. drug regulator’s approval for its primary total knee replacement device
($1 = 86.4260 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)
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