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BENGALURU, Feb 14 (Reuters) – Indian shares opened higher on Tuesday, tracking the gains in global equities ahead of U.S. inflation data due later in the day, while fears of further rate hikes after domestic retail inflation in January rose above the Reserve Bank of India’s upper threshold capped the move up.
The Nifty 50 index .NSEI was up 0.41% at 17,843.00 as of 10:19 a.m. IST, while the S&P BSE Sensex .BSESN rose 0.51% to 60,737.59.
Wall Street equities closed higher on Monday, as investors expected consumer price index (CPI) data for January to ease. A Reuters poll of analysts expects U.S. CPI for January to rise 0.5% month-on-month.
Asian markets advanced, with the MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS adding 0.44%. MKTS/GLOB
Twenty-eight of the Nifty 50 constituents advanced with UPLUPLL.NS, Infosys INFY.NS, HCL TechnologiesHCLT.NS, Tata Consultancy ServicesTCS.NS among the top gainers.
Analysts said that investors find the valuations in the sector attractive after the recent correction. IT is relatively less rate sensitive, compared to manufacturing or banking sectors, they added.
Investors await third-quarter earnings from a slew of Nifty 50 companies, including Adani Enterprises ADEL.NS, Apollo HospitalsAPLH.NS, Eicher MotorsEICH.NS, Grasim Industries GRAS.NSand ONGCONGC.NS.
The rise in retail inflation in January to 6.52%, above the upper limit of RBI’s targeted band of 2-6% on higher food prices kept a lid on the gains in domestic equities. Economists flagged the likelihood of more rate hikes from India’s central bank post the data.
($1 = 82.5250 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil)
((bharath.rajeswaran@thomsonreuters.com; Mobile: +919769003463))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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