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Indian indices open positive as retail inflation eases

retail inflation eases

The -based retail inflation dropped to 5.3 per cent in August from 6.69 per cent in the same month a year ago

The Indian stock markets opened on a positive note on Tuesday. The benchmark indices were in the green at the opening bell as easing retail inflation triggered buying sentiment in the market. Besides, a firm trend on other Asian bourses also supported the uptick in domestic equities, brokers said. Sensex was up 233.27 points or 0.40 percent at 58,411.03 while the broader Nifty50 was 63.65 points up or 0.37 percent at 17,418.95.

Bajaj Finance was the top gainer in the Sensex pack, gaining 0.78 per cent, followed by Dr Reddy’s, Kotak Bank, ICICI Bank, IndusInd Bank, Sun Pharma, Axis Bank and Reliance Industries. On the other hand, Infosys, Bajaj Auto, PowerGrid and UltraTech Cement were trading with losses.

The Consumer Price Index (CPI)-based retail inflation dropped to 5.3 per cent in August from 6.69 per cent in the same month a year ago, food inflation dived to 3.11 per cent from 9.05 per cent in August 2020.

In the previous session, the Sensex closed 127.31 points or 0.22 per cent lower at 58,177.76. The broader NSE Nifty dropped 13.95 points or 0.08 per cent to 17,355.30.

Shares in Asia-Pacific were mixed in Tuesday morning trade as investors look ahead to the release of US consumer inflation data for August.

The Nikkei 225 in Japan gained 0.8 percent while the Topix index added 0.66 percent. South Korea’s Kospi advanced 0.83 percent.

Meanwhile, China fired a fresh regulatory shot at its tech giants, telling them to end a long-standing practice of blocking each other’s links on their websites. The Financial Times also reported that China is aiming to break up the payments app Alipay.

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