Indian shares are likely to open higher on Thursday, tracking gains in Asia, after US Federal Reserve chair Jerome Powell reinforced prospects of a US interest rate cut later this month.
Federal Reserve chairman Jerome Powell on Wednesday set the stage for the rate cut this month, as records from policymakers' latest meeting showed increasing fear that a US-China trade war that has done little to directly restrain growth is indirectly causing businesses to hold back on buying equipment, giving workers a raise and hiking their prices.
On Wednesday, the Sensex ended 174 points lower while the Nifty closed below 11,500 for the first time since May 17, dragged mainly by auto, metal and PSU Bank stocks.
At 7.40 AM, SGX Nifty an early indicator of the Nifty 50's trend in India, traded 45.50 points, or 0.40 percent, higher at 11,540, pointing to a higher start for the Sensex and the Nifty 50.
Stocks to watch: IndiGo, DHFL, HDFC in focus. Click here to know more.
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