BENGALURU, Sept 24 (Askume) – Indian shares opened at a record high on Tuesday, in line with gains in Asia and extending gains after the Federal Reserve cut interest rates last week.
As of 7:58 am, the GIFT Nifty was trading at 25,977.5 points, indicating that the NSE Nifty 50 (.NSEI) would open higher than Monday’s close of 25,939.05 points.
China’s stimulus measures could boost sluggish economic growth, sending Asian stocks higher.
India’s benchmark index has hit record highs every day since the Federal Reserve cut interest rates by 50 basis points on September 18.
Analysts said the rate cut boosted global investor interest and encouraged foreign investors to invest in Indian stocks for the long term.
Exchange data showed foreign institutional investors bought Indian stocks worth 119.2 billion rupees ($1.43 billion) following the U.S. interest rate cut.
Indian stocks have outperformed Wall Street’s Nasdaq and S&P 500 this year and analysts expect the rally to continue until 2025.
Stocks to watch
** Coal India (COAL.NS) : Signed a joint venture agreement with Rajasthan Vidyut Utpadan Nigam for renewable energy business.
** AstraZeneca (ASTR.NS) : Approved to import, sell and distribute durvalumab.
** Reliance Power (RPOL.NS) :It plans to raise up to Rs 1,525 crore through preferential allotment to reduce debt and expand operations.
(1 USD = 83.5300 Indian Rupees)
