Indian shares rise on tech gains

A security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas/File Photo

BENGALURU, Aug 25 (Reuters) – Indian shares opened higher on Thursday, supported by a mild rebound in the tech sector, while investors waited for clues on future rate hikes from a key US Federal Reserve event.

The NSE Nifty 50 index (.NSEI) was 0.4% higher at 17,681.6, as of 0353 GMT, while the S&P BSE Sensex (.BSESN) gained 0.47% at 59,367.77.

Bharti Airtel (BRTI.NS) rose as much as 2% after Singapore Telecommunications Ltd (STEL.SI) said it would sell a 3.3% stake in Airtel to Bharti Telecom for an aggregate consideration of about $1.61 billion. read more

IT stocks gained, leading the Nifty IT index (.NIFTYIT) up 0.5%, after ending lower for the past three sessions.

Investors are now focused on the Jackson Hole symposium, with remarks from Fed Chair Jerome Powell on Friday potentially providing clues about the pace of future rate hikes and whether the central bank can achieve a soft landing for the economy.

Asian shares rose and Wall Street ended higher on Thursday.

Crude prices gained after Saudi Arabia suggested the Organization of the Petroleum Exporting Countries could consider cutting output.

Reporting by Tanvi Mehta in Bengaluru; Editing by Dhanya Ann Thoppil

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