Sensex, Nifty open slightly higher as bank stocks gain
India Today
The NSE Nifty 50 index was up 0.07 per cent at 17,538.10 and the S&P BSE Sensex rose 0.09 per cent to 58,904.24 after trading opened on Wednesday.
Indian shares edged higher on Wednesday, led by the consumer goods and banking sectors while losses in tech stocks kept gains in check, as traders looked ahead to US inflation data for clues on the pace of rate hikes from the Federal Reserve.
The NSE Nifty 50 index was up 0.07 per cent at 17,538.10, as of 0357 GMT, and the S&P BSE Sensex rose 0.09 per cent to 58,904.24, having hit a near four-month high in the previous trading session. Indian markets were closed on Tuesday for a holiday.
Nifty's private bank index was up 0.38 per cent and the fast-moving consumer goods index advanced 0.34 per cent.
The Nifty IT index fell 0.7 per cent, tracking overnight losses in tech-heavy Nasdaq.
Meanwhile, a Reuters poll showed that India's retail inflation likely eased in July due to a fall in food and fuel prices but stayed well above the Reserve Bank of India's upper tolerance limit for a seventh consecutive month. The consumer price index data is due on Friday.
Equities in broader Asia fell, taking cues from losses in US overnight as investors awaited US inflation data later in the day. The MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.11 per cent.
