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Global cues lift mkts 1.2%
Mint Mumbai
|November 16, 2023
Indian equities rallied on Wednesday tracking gains in global stocks, as lower-than-expected US inflation raised optimism about the end of the rate hike cycle. Derivative short covering by foreign portfolio investors (FPIs) also helped.
The National Stock Exchange’s Nifty 50 gained 1.19% to close at 19,675.45, while the BSE’s 30-stock Sensex rose 1.14% to close at 65,675.93.
The rise in Indian markets followed a 1.14% overnight rally in the Dow Jones Index and a 2.37% increase in the tech-focused Nasdaq. The US reported retail inflation of 3.2% in October, lower than an estimated 3.3%. It was the first deceleration in four months and raised expectations that the US Federal Reserve might refrain from hiking rates further.
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