ANI
11 Aug 2022, 10:25 GMT+10
New Delhi [India], August 11 (ANI): Indian stocks rallied sharply on Thursday morning after consumer inflation in the US showed some moderation in July. Investor sentiments were firm on hopes that inflation has probably plateaued.
At 0926 IST, Sensex traded at 59,374.61 points, up 557.32 points or 0.95 per cent, whereas Nifty traded at 17,680.10 points, up 145.35 points or 0.83 per centAs many as 46 Nifty 50 stocks traded in the green this morning, National Stock Exchange data showed.
"US inflation data at 8.5 per cent in July will be a near-term boost to markets. Many market experts believe that the peaks of inflation and Fed hawkishness are behind us," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The inflation print for the month was down from a four-decade high of 9.1 per cent in June.
"The near-term texture of the market is likely to be bullish. But this need not sustain for two reasons. One, market valuations are high and this will attract profit booking. Two, details of the US inflation data reveal that inflation is unlikely to drift down steadily since wage growth and rents continue to rise," Vijayakumar added.
Meanwhile, the rally in Indian stock indices has been continuing for the past three weeks on account of the return of foreign portfolio investors after nine long months as well as inflation seemingly plateauing. Foreign portfolio investors becoming net buyers in Indian stock markets again after nine long months renewed the investors' sentiment.
In July, FPIs bought equities worth Rs 4,989 crore and became net buyers after nine months, National Securities Depository (NSDL) data earlier showed.
In the past one month, the indices - Sensex and Nifty - gained around 8-9 per cent each, respectively. Notably, the Indian stocks recorded their best weekly performance during the week to July 22 marking its best week since February 2021.
For fresh cues, Indian stock market investors will also await retail inflation data for July, which is expected on Friday. (ANI)Get a daily dose of Manufacturing Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Manufacturing Mirror.
More InformationPublicly, Beijing has presented itself as a neutral party in the war sparked by Russia's full-scale invasion of Ukraine, claiming it...
London [UK], July 11 (ANI): New UK package of support for Ukraine's immediate and longer-term needs was tabled at Ukraine Recovery...
Arrests of critics mount as authorities allege a wide-ranging plot to overthrow Prime Minister Nikol Pashinyans government An Armenian...
Patna (Bihar) [India], July 9 (ANI): RJD leader Tejashwi Yadav on Wednesday heavily criticised the Election Commission of India for...
Fazilka (Punjab) [India], July 9 (ANI): Two accused in the murder of Abohar businessman Sanjay Verma were killed in retaliatory police...
Patna (Bihar) [India], July 8 (ANI): Bihar ADG Kundan Krishnan on Tuesday informed that the shooter who was involved in the businessman...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
New Delhi [India], July 11 (ANI): Trade negotiations between the United States and China are moving slowly, raising the chances that...
(Photo credit: Brad Penner-Imagn Images) Anthony Volpe scored the tiebreaking run on a bases-loaded sacrifice fly by Aaron Judge...
(Photo credit: Jordan Johnson-Imagn Images) Pete Crow-Armstrong crushed a pair of home runs and right-hander Colin Rea handled the...
GUANGZHOU, July 10 (Xinhua) -- As global industries accelerate their transition toward intelligence and sustainability, China's innovative...
URUMQI, July 10 (Xinhua) -- A total of 24 journalists from 23 countries have participated in a media tour of northwest China's Xinjiang...