Sensex, Nifty Extend Gains For Third Day
(RTTNews) - Indian shares eked out modest gains on Thursday in the wake of positive cues from global markets.
A cautious undertone prevailed as investors awaited earnings from IT majors TCS and Infosys as well as the latest readings on industrial output and retail inflation for near-term market direction.
Traders also awaited U.S. CPI data later in the day for clues as to whether the Federal Reserve will cut interest rates in March.
CME Group's FedWatch Tool currently indicates a 64.5 percent chance the Fed will cut rates by a quarter point at its March meeting.
The benchmark S&P BSE Sensex ended the session up 63.47 points, or 0.09 percent, at 71,721.18 - extending gains for a third day running.
The broader NSE Nifty index settled 28.50 points, or 0.13 percent, higher at 21,647.20.
Automakers topped the gainers list, with Hero MotoCorp and Bajaj Auto climbing 4.6 percent and 3.4 percent, respectively.
Axis Bank, BPCL and Reliance Industries all rose around 2 percent while Larsen & Toubro, Wipro, SBI Life, Dr Reddy's Laboratories and Hindustan Unilever fell over 1 percent each.
Polycab India shares plunged 20 percent amid reports that the Income Tax Department has recent raided the company and found "unaccounted cash sales" of about Rs. 1,000 crores.
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