Indian shares rose for a third consecutive session on Wednesday after overnight data showed U.S. consumer price inflation barely rose in May, reinforcing expectations the Federal Reserve would skip a rate hike later in the day.
Data showed the headline consumer price inflation in the U.S. increased by a less-than-estimated 4.0 percent in May on an annual basis, marking the slowest annual rate since March 2021.
The data added to optimism about the Fed pausing its recent interest rate increases later in the day.
Gains in rupee on the back of a weaker dollar in international markets, optimism about India’s growth story and expectations of more rate cuts and policy stimulus from China also offered some support.
The benchmark S&P/BSE Sensex ended the session up 85.35 points, or 0.14 percent, at 63,228.51 while the broader NSE Nifty index settled 39.75 points, or 0.21 percent, higher at 18,755.90.
Among the top gainers, Tata Consumer Products jumped 5.2 percent to hit a 52-week high on the BSE.
Metal stocks surged, with Tata Steel and JSW Steel rising more than 2 percent each on China stimulus hopes.
Online food aggregator Zomato plunged 5.4 percent on profit taking, halting an eight-day winning streak.
Sensex, Nifty Extend Gains For Third Day On Fed Pause Hopes
2023-06-14 10:26:36
