Indian shares rose sharply on Tuesday after two consecutive sessions of losses.
Positive global cues helped underpin investor sentiment as investors pinned hopes that key U.S. inflation data for January due later in the day will show downward pressure on prices year-on-year.
Gains in rupee on the back of a weaker dollar in overseas markets and falling oil prices after additional U.S. crude reserve release announcement also offered some support, helping key benchmark indexes finish near their day’s highs.
Domestic inflation data proved to be a mixed bag, with retail inflation hitting a three-month high in January, while wholesale inflation dipped to a two-year low in the month – separate reports showed.
The benchmark S&P/BSE Sensex jumped 600.42 points, or 0.99 percent, to 61,032.26, while the broader NSE Nifty index settled 158.95 points, or 0.89 percent, higher at 17,929.85.
IT stocks saw broad-based gains, with Infosys, Wipro, HCL Technologies and Tech Mahindra all rising around 1 percent.
Reliance Industries, ITC and UPL climbed 2-4 percent.
Adani Enterprises gained 1.9 percent after it swung to a Q3 profit from a loss in the year-ago period. Group firm Adani Ports also added 1.9 percent.
Market Analysis
Sensex, Nifty Rally On Strong Global Cues
2023-02-14 10:25:51
