Indian shares rose notably on Tuesday to extend gains from the previous session ahead of U.S. CPI data due later in the day and the Fed’s interest-rate decision scheduled for Wednesday.
Market participants remain hopeful that U.S. consumer price inflation data later in the day would likely show an easing in prices in May, and that the Federal Reserve would resist raising rates at the end of a two-day policy meeting on Wednesday.
A sharp fall in crude prices in the overnight U.S. trading session and encouraging April industrial output and May consumer inflation data released after market hours on Monday also boosted investor sentiment.
India’s retail inflation eased to a more than two-year low of 4.25 percent in May and industrial output rebounded from a five-month low to grew 4.2 percent in April, raising optimism about the growth outlook.
Oil prices recovered some ground today after having fallen over 4 percent the previous day on fuel demand concerns.
The benchmark S&P/BSE Sensex jumped 418.45 points, or 0.67 percent, to 63,143.16, after having snapped a two-session losing run the previous day.
The broader NSE Nifty index settled 114.65 points, or 0.62 percent, higher at 18,716.15.
Asian Paints, Titan Company, ITC, Cipla and Tata Consumer Products all rallied about 2 percent in the Nifty pack, while HCL Technologies, Adani Ports, Adani Enterprises and Kotak Mahindra Bank all fell around 1 percent.
Market Analysis
Sensex, Nifty Extend Gains Ahead Of US Inflation Data
2023-06-13 10:23:39
