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Sensex, Nifty End Higher Ahead Of RBI MPC Meeting Outcome
(RTTNews) - Indian shares eked out modest gains on Wednesday amid mixed catalysts.
Global bond yields retreated after weak inflation data from China pointed to increasing deflationary pressures in the country.
At the same time, China's slide into inflation and problems at Country Garden, once China's largest developer, increased calls for more stimulus.
Concerns grew about the health of the U.S. banking system after Moody's cut the credit ratings for 10 smaller and midsized lenders and put the credit ratings of six large U.S. banks under review for a possible downgrade.
Closer home, the benchmark S&P BSE Sensex recovered from an early slide to end the session up 149.31 points, or 0.23 percent, at 65,995.81.
The broader NSE Nifty index settled 61.70 points, or 0.32 percent, higher at 19,632.55, with pharma, auto and metal stocks pacing the gainers.
Among the top gainers, Mahindra & Mahindra, Tata Motors, Hindalco, JSW Steel and Dr Reddy's Laboratories jumped 2-4 percent.
The RBI's monetary policy committee (MPC) is expected to maintain key rates when it meets on Thursday, but the central bank might adopt a far more hawkish tone amid the recent sharp rise in vegetable and pulses prices.
Globally, Asian markets ended mixed today and the dollar dipped against rivals ahead of key U.S. inflation readings due this week.
European stocks rebounded sharply led by banks after Italy clarified that that the new windfall tax on banks would not amount to more than 0.1 percent of their assets.
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