Market Wrap: Sensex inches 150 points higher, Nifty flat as traders await US CPI data
Nifty ended near the flatline, while Sensex ended 150 points higher. Broad-based profit booking offset gains in information technology (IT) stocks after soft US producer price data signalled cooling inflation.
The 30-share BSE benchmark Sensex surged 0.19% to settle at 79,105, while the broader NSE Nifty gained 4.75 points or 0.02% to end at 24,143.
U.S. CPI data is due at 6:00 pm IST on Wednesday, and traders hope it supports the idea of Fed rate cuts. Markets are pricing in a roughly 52.5% chance of a 50 basis point rate cut and a 47.5% chance of a 25 basis point cut at the Fed's next meeting in September.
Among Sensex stocks, TCS, HCL Tech, Tech Mahindra, Infosys, and M&M were the top gainers, rising between 1% and 2.3%. On the flip side, Ultratech Cement, JSW Steel, Tata Steel, Adani Ports, and Power Grid closed with losses.
On the sectoral front, Nifty IT gained 1.6% after favorable U.S. producer price data.
Nifty Bank, FMCG, Media, Metal, Pharma, PSU Bank, Realty, Healthcare, and Oil & Gas ended in the red.
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