Nifty, Sensex rise ahead of inflation data; Yes Bank, Tata Motors shine
Domestic investors awaited consumer price index data due on Thursday. The country’s retail inflation likely rose to a 10-month high in August, while staying below the Reserve Bank of India’s medium-term target of 4%, a Reuters poll of economists showed.Updated: Sep 11, 2019 11:32 IST
Indian shares rose on Wednesday, led by Yes Bank Ltd and Tata Motors Ltd, ahead of key inflation data release, while gains in broader Asia amid easing Sino-U.S. tensions also buoyed trading sentiment.
The broader NSE Nifty rose 0.29% at 11,035.05 as of 0507 GMT, while the benchmark BSE Sensex was up 0.33% at 37,267.24.
MSCI’s broadest index of Asia-Pacific shares outside of Japan rose 0.4%.
Domestic investors awaited consumer price index data due on Thursday. The country’s retail inflation likely rose to a 10-month high in August, while staying below the Reserve Bank of India’s medium-term target of 4%, a Reuters poll of economists showed.
Shares of Yes Bank Ltd rose as much as 7.7% and was the top gainer on the NSE Nifty. The bank’s chief executive in an interview on Tuesday said the bank was close to sealing a minority stake sale deal.
The Nifty banking index, which tracks both state-owned and private-sector lenders, rose 0.49% with 10 out of 12 constituents trading in positive territory.
The Nifty Metal index gained over 2% with 14 out of 15 stocks on the index were trading in the green.
The Nifty auto index was on track for its fourth straight session of gains, rising 1.4%. Automaker Tata Motors Ltd gained as much as 4.47%, highest in over five weeks.
Finance Minister Nirmala Sitharaman on Tuesday said the government will soon respond to the demands of the automobile sector, which is crippled by plunging sales.
“The expected revival in demand is making investors buy because current valuations are attractive,” said Deven Choksey, a promoter at KR Choksey Investment Managers.
India’s auto sales is witnessing a painful slowdown with the country’s economy cooling, growth slowing to a more than five- year low in April-June, and key sectors, including real estate and agriculture looking at a slowdown.
Meanwhile, shares of Wipro Ltd were among the top losers on the NSE Nifty, falling as much as 1.43%. The Nifty IT index was down 1.05%.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
First Published: Sep 11, 2019 11:32 IST