Indian shares open higher as Fed hints at slower rate hikes

BENGALURU, Nov 24 (Reuters) – Indian stocks opened higher on Thursday, tracking strength in global equities, after minutes of the U.S. Federal Reserve’s November policy meeting hinted at a possible moderation in the pace of interest rate hikes.

The benchmark S&P BSE Sensex (.BSESN) opened up 0.23% to 61,644.21, while the NSE Nifty 50 index (.NSEI) advanced 0.22% to 18,307.25.

Nifty public sector bank index was the top sectoral gainer, and looked on course to extended their rally for eighth straight. All the 12 constituents of the gauge logged gains in opening trade.

A “substantial majority” of Fed policymakers agreed it would “likely soon be appropriate” to slow the pace of rate hikes, the minutes showed.

The MSCI Asia ex-Japan index (.MIAPJ0000PUS) rose 0.89%. On Wall Street, all three major indexes closed higher overnight, while the U.S. dollar weakened and treasury yields retreated.

U.S. markets are closed for the Thanksgiving holiday on Thursday.

Foreign institutional investors sold a net of 7.90 billion Indian rupees ($96.80 million) worth of equities on Wednesday, while domestic investors bought 4.14 billion Indian rupees $50.73 million) worth of shares, as per provisional NSE data.

($1 = 81.6120 Indian rupees)

Reporting by Bharath Rajeswaran and Akansha Victor in Bengaluru; Editing by Janane Venkatraman and Eileen Soreng

Our Standards: The Thomson Reuters Trust Principles.

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