Indian shares eked out modest gains on Tuesday, mirroring firm cues from global markets after several Fed officials said on Monday that higher interest rates are needed to reach the 2 percent inflation target, but the end to the current monetary policy tightening cycle is getting close.
Following last week’s mixed monthly jobs report, traders now await U.S. consumer and producer price inflation data this week for additional clarity on the rate outlook.
Beijing extended its policy support to the ailing property sector, further aiding sentiment.
The benchmark S&P/BSE Sensex rose 273.67 points, or 0.42 percent, to 65,617.84, extending gains for a second consecutive session.
The broader NSE Nifty index was up 84 points, or 0.4 percent, at 19,439.
Among the top gainers, Maruti Suzuki India, Apollo Hospitals Enterprise, Tata Consumer Products, Sun Pharma and Eicher Motors jumped 2-3 percent.
The rupee traded higher in European trade, tracking broad dollar decline and a dip in Treasury yields as Fed rate concerns eased.
Gold extended gains for a third straight session to hover near three-week highs while oil prices were seeing modest gains after falling about 1 percent in the U.S. trading session overnight.
Sensex, Nifty Extend Gains For Second Day On Firm Global Cues
2023-07-11 10:24:00
