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Indian equity benchmarks climbed to a five-month high on Tuesday, boosted by sharp gains in financials stocks — led by Bajaj Finserv — metal and consumer durables. The domestic indices extended their gains for the fourth straight session amid positive global cues. Asian stocks climbed while other markets held steady ahead of U.S. inflation data that will offer a crucial guide to the interest rate outlook. Wall Street indexes posted a fourth straight session of gains overnight, while the U.S. dollar retreated further from milestone highs – partly on hopes that the prices data, due at 6 pm, might offer another signal that inflation has peaked.
Market participants looked past a higher-than-expected India’s inflation print. Retail inflation rose to 7 per cent in August, stalling a three-month downtrend on soaring food costs. The figure stayed above the Reserve Bank of India’s (RBI’s) upper tolerance range of 6 per cent for the eighth consecutive month. High inflation data paves the way for RBI to hike interest rates more aggressively to tame surging prices even at the cost of the economy.
Here are the share market highlights:
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