INDIA STOCKS-Indian stocks gain as metals offset consumer gains | So Good News
BENGALURU, Nov 9 (Reuters) – Indian shares pared gains on Wednesday, as a decline in metals boosted profits for banks and consumers, and investors awaited this week’s U.S. inflation data to gauge future Federal Reserve hikes.
The NSE Nifty 50 index was 0.07% higher at 18,214.90 as of 0504 GMT, while the S&P BSE Sensex was up 0.04% at 61,210.64, after rising 0.4% each.
“Domestic markets for these sectors have already started to show results,” said Siddhartha Khemka, head of market research at Motilal Oswal Financial Services.
“Although the interest rate is still there, it will not rise quickly because the US Fed is not yet done with its rate hike.
Since the start of the earnings season last month, the benchmark indices have added more than 5% each year to date, after strong reports from top IT, banking, and consumer companies.
Investors are now focusing on a key reading of US inflation due on Thursday, which is expected to show a drop in consumer prices and give an idea of the Fed’s outlook.
In domestic trade, the state-owned Nifty and FMCG indices were 2.3% and 0.6% higher, respectively. The Nifty metal index was among the top losers, down 0.3%.
Adani Ports was the top gainer on the Nifty 50 index, while Coal India Ltd rose as much as 5.6% to a three-year hit after the miner’s quarterly profit doubled.
Tata Motors Ltd and Petronet LNG Ltd rose 0.5% and 0.05%, respectively, while Lupine Ltd fell 2.4%, ahead of their quarterly results. Across much of Asia, shares rose on Wednesday as investors awaited US inflation data along with the results of US midterm elections that could signal a shift in power in Washington. ($1 = 81.3700 Indian rupees) (Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann Thoppil and Janane Venkatraman)