Indian shares opened higher on Wednesday, recovering from previous day's losses, as gains in the global markets helped lift investor sentiment. Globally, the Trump administration's decision to defer planned 10 percent tariffs on some Chinese products provided some relief on the trade war front.
Indian shares opened higher on Wednesday, recovering from previous day's losses, as gains in the global markets helped lift investor sentiment. Globally, the Trump administration's decision to defer planned 10 percent tariffs on some Chinese products provided immediate relief on the trade war front.
Back home, benign retail inflation in July raised optimism of more interest rate cuts from the RBI at its next monetary policy meeting in October.
Mirroring the optimism, the Sensex surged 186 points, or 0.50 percent, to 37,144.60 while the Nifty gained 0.49 percent, or 53 points, to trade 10,979.
The Nifty MidCap index was up 0.81 percent, while the banking gauge, Nifty Bank was up 0.32 percent. Among sectors, metal, energy, realty, oil and gas were notable gainers, while consumer durables, power, utilities and FMCG slipped.
Indiabulls Housing Finance, Tata Steel, Zee Entertainment, UPL and Bajaj Finserv advanced between 2 and 7 percent.
Dr Reddy's Labs, Yes Bank, Sun Pharma, Power Grid and Indian Oil Corp were top Nifty losers, falling by up to 6 percent.
Shares of Bosch touched a 52-week low of Rs 13,087.95, falling over 3 percent after the company reported a weak set of numbers for the quarter ended June 2019.
In the money markets, the rupee jumped against the US dollar in the opening trade on Wednesday, a day after the currency closed at a nearly six-month low of 71.40 against the American unit. The home currency opened at 70.93, up 55 paise from its Tuesday’s close of 71.40.
In debt markets, the yields on the 10-year government bonds were up 0.41 percent to 6.55 percent from its previous close of 6.54 percent. Bond yields and prices move in opposite directions.
Also, catch all the latest updates and developments from the stock markets today with CNBCTV18’s live blog