Sensex, Nifty Open Higher On Rate Cut Hopes

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(RTTNews) - Indian shares were notably higher on Wednesday as signs of easing retail inflation sparked hopes for more rate cuts from the Reserve Bank of India in coming months.

Official data showed India's consumer price inflation eased further in April to the lowest level in nearly six years amid a slower rise in food prices.

Consumer price inflation eased more-than-expected to 3.16 percent in April from 3.34 percent in February.

The expected rate was 3.27 percent. Moreover, this was the lowest since July 2019, when prices had risen 3.15 percent.

The benchmark S&P/BSE Sensex rose 490 points, or 0.6 percent, to 81,640 in early trade while the broader NSE Nifty index was up 172 points, or 0.7 percent, at 24,750. Tata Power rose over 1 percent ahead of its earnings release.

Bharti Airtel rallied 2.2 percent after reporting a 77 percent jump in Q4 net profit.

Bharti Hexacom jumped 2.3 percent after quarterly profit more than doubled.

Similarly, Garden Reach Shipbuilders & Engineers soared nearly 12 percent after more than doubling its quarterly net profit.

Tata Steel climbed 5 percent as it announced a Rs. 15,000 crore capex plan.

Tata Motors fell 1.5 percent after reporting a 51 percent decline in its quarterly consolidated net profit

U.S. Industrial Production Unexpectedly Flat In April

With a rebound by utilities output offset by decreases by manufacturing and mining output, the Federal Reserve released a report on Thursday showing industrial production in the U.S. came in unchanged in the month of April. The Fed said industrial production was unchanged in April after falling by 0.3 percent in March. Economists had expected industrial production to rise by 0.2 percent.

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New York Manufacturing Index Edges Modestly Lower In May

A report released by the Federal Reserve Bank of New York said regional manufacturing activity continued to decline modestly in the month of May. The New York Fed said its general business conditions index edged down to a negative 9.2 in May from a negative 8.1 in April, with a negative reading indicating contraction. Economists had expected the index to dip to a negative 10.0.

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Philly Fed Index Jumps More Than Expected But Remains Negative In May

Philadelphia-area manufacturing activity remained weak in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said its diffusion index for current general activity jumped to a negative 4.0 in May from a negative 26.4 in April, but a negative reading still indicates contraction.

RTTNews | 1घंटे 33 मिनट पहले

U.S. Retail Sales Inch Up In Line With Estimates In April

A report released by the Commerce Department on Thursday showed a slight increase by U.S. retail sales in the month of April. The Commerce Department said retail sales crept up by 0.1 percent in April after surging by an upwardly revised 1.7 percent in March. Economists had expected retail sales to inch up by 0.1 percent compared to the 1.4 percent jump originally reported for the previous month.

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U.S. Producer Prices Unexpectedly Decrease In April

Producer prices in the U.S. unexpectedly decreased in the month of April, according to a report released by the Labor Department on Thursday. The Labor Department said its producer price index for final demand fell by 0.5 percent in April following a revised unchanged reading in March. Economists had expected producer prices to rise by 0.2 percent.

RTTNews | 1घंटे 50 मिनट पहले

Eurozone GDP Expands 0.3% In Q1; Employment Growth Improves

Euro area economic growth accelerated less than estimated in the first quarter and employment logged a faster increase, flash estimate from Eurostat showed on Thursday. Gross domestic product expanded 0.3 percent on a quarterly basis, which was revised down from the 0.4 percent growth estimated on April 30. This followed the fourth quarter's 0.2 percent expansion.

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U.S. Weekly Jobless Claims Unchanged From Upwardly Revised Level

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in unchanged in the week ended May 10th The report said initial jobless claims came in at 229,000 last week, unchanged from the previous week's revised level. Economists had expected jobless claims to tick up to 229,000 from the 228,000 originally reported for the previous week.

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U.S. Industrial Production Unexpectedly Unchanged In April

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EURUSD	1.1185	GBPUSD	1.32888	AUDUSD	0.64003
USDJPY	145.688	USDCAD	1.39916	USDCHF	0.83623

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Sensex, Nifty Open Higher On Rate Cut Hopes