Sensex, Nifty Inch Higher In Early Trade

Indian shares opened slightly higher on Wednesday after Fed Chair Jerome Powell reiterated that inflation pressures will be temporary and stressed that the Fed will do everything to support the economy for as long as it takes to complete the recovery.

The benchmark 30-share BSE Sensex inched up 85 points, or 0.2 percent, to 52,673 in early trade, while the broader NSE Nifty index was up 27 points, or 0.2 percent, at 15,799.

IDBI Bank jumped 3.1 percent on stake sale reports.

NMDC fell about 1 percent despite reporting an eight-fold jump in Q4 net profit.

HDFC Bank was marginally lower. The private sector lender said it sold CDSL shares worth a little over Rs 185 crore through an open market transaction.

Jaypee Infratech slumped 4.4 percent after reporting a consolidated net loss of Rs 491.60 crore for the quarter ended March 2021.

GE Power India dropped 1.2 percent as it posted nearly 8 percent growth in March quarter consolidated net profit.

Vodafone Idea rose half a percent. The telecom operator said it is offering voice and data benefits for low-income group users to reconnect back.

Sobha lost 2.7 percent after reporting a 65 percent decline in its consolidated net profit for the quarter ended March.

Minda Industries advanced 1.3 percent. The company said it has won bid to acquire 51 percent stake in automotive lighting manufacture UZ Chasys LLC (UZ Chasys) in Uzbekistan.

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