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Sensex, Nifty Reverse Early Losses As Dollar And Bond Yields Ease
(RTTNews) - Indian shares reversed early losses to end higher on Wednesday despite heightened risk aversion in global markets.
Markets opened lower and traded in the red for most of the day due to uncertainty over the Federal Reserve's future rate hike path, more disappointing Chinese economic data and fresh concerns over the health of the U.S. banking sector.
The reversal came as the dollar weakened and bond yields eased after the release of U.K. inflation data and ahead of the Federal Reserve minutes out later in the day.
Official data showed U.K. consumer prices rose at the slowest pace in nearly one-and-a-half years in July reflecting lower energy prices.
Consumer price inflation slowed to 6.8 percent in July, as expected, from 7.9 percent in June. This was the weakest since March 2022, when inflation was 6.2 percent.
The benchmark S&P BSE Sensex hit a low of 65,032.89 before reversing course to end the session up 137.50 points, or 0.21 percent, at 65,539.42.
The broader NSE Nifty index settled 30.45 points, or 0.16 percent, higher at 19,465, after having hit a low of 19,317.20 earlier in the session.
Tata Motors, Infosys, NTPC, UltraTech Cement and Apollo Hospital Enterprise rallied 2-3 percent in the Nifty pack, while Bharti Airtel, HDFC Life, Hindalco, Adani Ports and Tata Steel dropped 1-2 percent.
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