Sensex, Nifty End Higher After Inflation Relief
(RTTNews) - Indian shares eked out modest gains on Wednesday after official data showed India's consumer price inflation eased more-than-expected in July to the lowest level in just over eight years, bringing inflation below RBI's tolerance band and raising prospects of another interest rate cut.
Firm global cues and a weaker dollar also underpinned sentiment as in-line U.S. inflation data cemented expectations of interest rate cuts by the Federal Reserve in September.
On the trade front, India has been a "bit recalcitrant" on trade negotiations with the United States, Treasury Secretary Scott Bessent has said.
The benchmark BSE Sensex rose 304.32 points, or 0.38 percent, to 80,539.91, with further upside capped by caution ahead of the Alaska summit between the U.S. and Russian leaders on Ukraine.
According to media reports, Russian President Vladimir Putin is demanding that Ukraine give up the Donetsk and Luhansk regions that together form Donbas as a condition to unlock a ceasefire.
The broader NSE Nifty index ended up 131.95 points, or 0.54 percent at 24,619.35 while the BSE mid-cap and small-cap indexes surged around 0.6 percent each.
The market breadth was strong on the BSE, with 2,225 shares rising while 1,868 shares fell and 153 shares closed unchanged.
Among the prominent gainers, Sun Pharma, Bharti Airtel, Power Grid Corp, Mahindra & Mahindra, Tata Motors, Kotak Mahindra Bank, Eternal and BEL rose 1-2 percent.
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