Stock market today: Sensex, Nifty 50 open higher on Infosys buyback, US Fed rate cut hopes

The Nifty IT index gained about 1%, led by a 2% rise in Infosys after India's second-largest IT services firm approved its biggest ever buyback.

India's stock market opened higher today, after US inflation data bolstered bets for interest rate cuts by the US Federal Reserve.

The Nifty 50 rose 0.28% to 25,074.45 points at the open, while the S&P BSE Sensex gained 0.26% to 81,758.95 points. Fifteen out of the 16 major sectors advanced at the open. The broader, more domestic small caps and mid caps rose 0.4% each.

The Nifty IT index gained about 1%, led by a 2% rise in Infosys after India's second-largest IT services firm approved its biggest ever buyback.

Investor sentiment was also aided by rising prospects of US Fed rate cut next week on favourable US inflation print. Lower US interest rates make emerging markets such as India attractive for foreign portfolio investors, as US treasury yields and dollar typically fall in such a scenario.