Indian shares open higher on expectations of further US rate cuts
Updates at 9:23 a.m. IST
Oct 10 (Reuters) -Indian shares opened higher on Thursday, tracking Asian peers, after minutes from the Federal Reserve's latest policy meeting reinforced hopes of more U.S. rate cuts, which could likely trigger higher foreign inflows to emerging markets.
The Nifty 50 index .NSEI was up 0.19% at 25,029.95 points as of 9:23 a.m. IST, while the S&P BSE Sensex .BSESN added 0.2% to 81,629.6.
Other Asian markets advanced on the day, with the MSCI Asia ex-Japan index .MIAPJ0000PUS rising 1.25%. Wall Street equities gained overnight, with the Dow Jones Industrial Average .DJI and S&P 500 .SPX logging record closing highs.
The upbeat performances came in after minutes of Fed's September policy meeting hinted at further rate cuts. MKTS/GLOB
Domestically, the Reserve Bank of India eased its policy stance to "neutral" from a hawkish "withdrawal of accommodation" on Wednesday, setting the stage for rate cuts.
Analysts said the earnings season starting with India's top information technology company Tata Consultancy Services TCS.NS later in the day will influence the near-term trajectory of domestic equities.
Tata Consultancy Services TCS.NS rose 0.5% ahead of reporting its quarterly results later in the day.
Twelve of the 13 major sectors logged gains. The broader, more domestically-focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 gained about 0.6% each.
Among individual stocks, PNC Infratech PNCI.NS and G R Infraprojects GINF gained 5% and 4%, respectively, on order wins.
Star Health Insurance STAU.NS fell 2.2% after the company said it was a victim of a cyberattack which resulted in unauthorised access to certain data.
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala
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