India’s retail inflation slipped below 6 per cent, signalling it is transitory. The US also reported lower than expected inflation numbers. This soothed investor nerves which were frayed amid talks of tapering.
The 30-share pack Sensex climbed 593.31 points or 1.08 per cent to close at 55,437.29. Its broader peer NSE Nifty rose 164.70 points or 1.01 per cent to 16,529.10. Both indices scaled new highs.
Investor equity wealth increased by Rs 1,35,375 crore, as the total market cap of BSE-listed companies rose to Rs 240.19 lakh crore.
“Domestic main indices raised the bars, registering new highs, bolstered by favorable economic data and a strong performance by large caps like defensive sectors such as IT, FMCG and telecom. Investor sentiments were boosted as retail inflation eased to 5.59 per cent in July from 6.26 per cent in June,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- Nucleus Software plunges 12 per cent after poor June 2021 quarter
- India VIX, a barometer of volatility, climbs 5 per cent to end near 13-level
- Eicher Motors declines nearly 3 per cent after CEO resigns
- Tata Steel rises over 2 per cent as analysts laud Q1 performance
- Grasim ends in green after beating analyst estimates in Q1
MORE TO COME…
