Nifty gaps up 170 points on IT rally; KOSPI crashes 6.5%, inflation bites
Sensex opened at 71,951.73 and rose to 72,482.30 up 557.62 pts; Nifty 50 opened at 22,364.15 and climbed to 22,533.80 up 170.45 pts as of 9:43 am
On Tuesday, equity benchmarks opened higher as technology stocks led the rally. The Sensex rose 0.78 percent to 72,482.30 points, while the Nifty 50 gained 0.76 percent to 22,533.80 points. TCS, HCL Technologies, and Tech Mahindra were among the top gainers in the Nifty 50. Nestle India and Trent also showed gains of 2.12 percent and 1.65 percent, respectively.
However, NTPC declined by 0.79 percent, and Max Healthcare slipped by 0.78 percent. Macro headwinds, including rising inflation, weighed on sentiment. India's retail inflation surged to 5.54 percent in September, with food inflation jumping to 7.74 percent. RBI is expected to hike interest rates in December, benefiting banks. The rupee strengthened to 95.77 against the dollar, its strongest performance among Asian currencies.
Persistent price pressures could lead to further monetary tightening, impacting rate-sensitive sectors. Global financial markets remain volatile due to geopolitical tensions and macroeconomic uncertainties.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
