Indian shares recover from a lacklustre start, led by IT and pharma

Bikaji Foods International

10/09/2024 08:40

** India's Nifty 50  .NSEI  and Sensex  .BSESN  overcome a
lacklustre start to rise 0.5%, led by IT and pharma companies
    ** IT firms  .NIFTYIT , which earn a significant share of
revenue from the U.S., gain about 2% ahead of U.S. inflation
data on Weds that could influence the size of a Federal Reserve
rate cut next week
    ** Markets expect a 25 bps cut, but softer-than-expected
data would boost the chances of a 50 bps cut, and that could
also spur a global stocks rally, says Sunny Agrawal, head of
fundamental equity research at SBICaps Securities
    ** Pharma index  .NIPHARM  gains 1.1% after India recommends
a tax cut on select cancer drugs
    ** A tax cut on savoury snacks boosts Gopal Snacks  GOPA.NS 
by 9%, while Prataap Snacks  PRAT.NS  and Bikaji Foods  BIKA.NS 
gain about 3% each

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))