Top gainers, losers today: UltraTech Cement, Tata Motors, NTPC, Bharti Airtel, Infosys; check full list here
BSE Sensex ended at 65,539.42 up 137.50 points or up 0.2 per cent while the Nifty also closed at 19,465 level, up 30.45 points or 0.16 per cent. Metal and financial stocks saw the most declines following a spike in domestic retail prices that prompted caution, and further worries about China's economic recovery weighed on the market sentiment. Commenting on today's market performance, Vinod Nair, Head of Research at Geojit Financial Services said, "The initial apprehension stemming from an above-expected surge in domestic CPI inflation, driven by higher food prices, induced volatility in the Indian market.
However, the market found some relief as the likelihood of this inflation surge being transitory alleviated concerns, leading to a recovery in the latter part of the trading session.'' In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the negative territory. European markets were trading mostly in the green. The US markets ended lower on Tuesday.
Global oil benchmark Brent crude climbed 0.01 per cent to $84.90 a barrel. India's consumer price index (CPI) inflation surged sharply to a 15-month high peak of 7.44 per cent in July 2023, driven by high food and vegetable prices. July CPI print had breached the Reserve Bank of India's upper tolerance limit of 6 per cent for the first time in five months.
The consumer food price index (CFPI) in July also surged to 11.51 per cent - the highest level since October 2020, according to data released by the Ministry of Statistics and Programme Implementation on August 14. ‘’Moreover, as core inflation continued to moderate, the market did not anticipate a rate hike, although the possibility of an extended rate pause seemed more probable. Stronger-than-anticipated
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