Indian shares open higher, led by IT on easing US recession worries
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 09 2024
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Source: Reuters
Market Performance: Indian shares opened higher, with the NSE Nifty 50 and S&P BSE Sensex both rising by 1.01%, driven by gains in information technology stocks and positive U.S. labor market data that eased recession concerns.
Top Gainers: Eicher Motors and ONGC were notable gainers, with Eicher Motors increasing by 4.5% after strong sales results, while ONGC rose 3.5% following an upgraded target price from Morgan Stanley, which highlighted a potential earnings supercycle for the company.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
