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Sensex, Nifty Open Higher On Rate Cut Hopes
(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
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