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Friday, July 12, 2024

Indian Shares Rise To Record Highs As Markets Open

Indian shares tracked global equities higher on Wednesday, with the benchmark indexes hitting record highs at the open, after soft U.S. retail sales data reinforced expectations of an early rate cut by the Federal Reserve.

The NSE Nifty 50 was up 0.31% at 23,629.85, while the S&P BSE Sensex added 0.31% to 77,543.22, as of 9:15 a.m. IST.

Twelve of the 13 major sectors logged gains. Forty-six of Nifty 50 companies advanced.

Small- and mid-caps also rose 0.5% and 0.35%, respectively, to all-time high levels.

Wall Street equities closed higher overnight, with the S&P 500 and Nasdaq Composite closing at record high levels, as weaker-than-expected U.S. retail sales data signalled cooling inflation.

The data led to a small boost in rate cut expectations for September to 61.1% from 56.7%, according to the CME FedWatch Tool.

A cut could lead to foreign inflows into emerging markets such as India, adding heft to domestic equities, according to analysts.

Asian markets opened higher, buoyed by a rally in U.S. tech stocks, with the MSCI Asia ex-Japan index rising 0.9%.

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