Indian shares rose notably on Tuesday to settle near four-month highs, as oil extended declines on demand worries and disappointing data from the United States led to speculation of the Federal Reserve slowing down on rate hikes.
Encouraging industrial output, retail inflation and WPI inflation data also raised optimism about the India growth story.
India’s consumer price inflation eased more-than-expected in July, while industrial production continued to expand strongly in June, though at a slower rate than in the prior month, data released after markets hours on Friday showed.
The wholesale price-based inflation eased from 15.18 percent to 13.93 percent in July, slowing for the second straight month on easing prices of food articles and manufactured products, separate data showed earlier today.
Oil extended recent losses, with WTI crude futures dipping below $90 a barrel in European trade as recession worries mounted and traders weighed a potential increase in OPEC supply.
The benchmark S&P BSE Sensex ended the session at 59,842.21, up 379.43 points, or 0.64 percent, from its previous close.
The broader NSE Nifty index closed up 127.10 points, or 0.72 percent, at 17,825.25.
Maruti Suzuki India, BPCL, Eicher Motors, Adani Ports and HDFC Life jumped 3-5 percent in the Nifty pack, while SBI, Bharti Airtel, JSW Steel, Hindalco and Grasim fell 1-2 percent.
Max Healthcare Institute soared nearly 12 percent on heavy volumes after American private equity major KKR and Co sold its entire 27 percent stake in the hospital chain via block deals.
Likewise, HDFC AMC jumped almost 12 percent after nearly 6 percent equity changed hands on the BSE.
Sensex Ends 379 Points Higher; Nifty Tops 17,800
2022-08-16 10:39:53
