Indian shares eked out modest gains on Wednesday on the back of encouraging inflation and industrial output data released the day before.
India’s consumer price inflation eased more than expected in August, while industrial production hit a five-month high in July underpinned by robust growth in mining and electricity, separate set of data showed.
After a muted start, the benchmark S&P BSE Sensex picked up momentum to end the session up 245.86 points, or 0.37 percent, at 67,466.99.
The broader NSE Nifty index settled 76.80 points, or 0.38 percent, higher at 20,070 – closing above 20,000 for the first time ever.
Titan Company, Bharti Airtel, Tata Consumer Products, Grasim and Coal India jumped 2-3 percent in the Nifty pack while Cipla, Larsen & Toubro, Adani Ports, Mahindra & Mahindra and HDFC Life all fell over 1 percent.
Global cues were sluggish as investors awaited key U.S. inflation data later in the day that could influence the outlook for interest rates.
It is feared that upside risks to inflation from rising crude oil prices could elevate the likelihood of a final interest rate hike from the Fed.
Crude prices traded higher near 10-month highs in European trade, drawing support from upbeat outlooks published by OPEC and the EIA.
Sensex Gains 246 Points; Nifty Ends Above 20,000 For First Time
2023-09-13 10:23:20
