At Fresh Peaks! Sensex surges over 500 points, Nifty above 19,500 on gains in index heavyweights

economictimes.indiatimes.com:

The BSE Sensex was trading 532 points or 0.81% higher at 65,925, while the Nifty50 was trading at 19,534, up 150 points or 0.78% at around 9.52 am. The US inflation rate for June came in lower than expected at 3%, the smallest year-over-year increase in two years.

Meanwhile, retail inflation in India for June rose to 4.81%, after easing for four months in a row, as food prices surged, according to official data released post-market hours on Wednesday. From the Sensex pack, Tata Steel, TCS, HDFC Bank, M&M, SBI, and Bajaj Finance opened with gains, while HCL Tech, Nestle, Asian Paints, Power Grid, and HUL opened with cuts.

Among individual stocks, Patanjali Foods opened with a 5% lower circuit after the firm announced that the promoters will sell up to a 9% stake through an offer for sale (OFS) at a floor price of Rs 1,000. Sector-wise, Nifty Metal surged 0.98%, and Nifty Auto rose 0.69%.

Banks, financial, FMCG, IT, media, pharma, and healthcare sectors also opened with gains. In the broader market, Nifty Midcap 100 advanced 0.30%, and Nifty Smallcap 100 gained 0.51%.Wipro, Federal Bank, Aditya Birla Money, Tata Metaliks, Angel One, Sterling and Wilson Renewable Energy are among the companies reporting their results on Thursday.Experts Take «The ongoing global rally in stock markets will get a further mild boost from the latest US consumer inflation for June which has come at 3 percent, better than market expectation of 3.1%.

This is clear indication that the disinflation process is on in the US and might persuade the Fed to pause once again in the July 26 rate decision, „V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. “In India, though the June CPI inflation has increased to 4.81%, this