As global markets soar, Sensex and Nifty rise more than 1%

The Benchmark equity indices Sensex and Nifty rose more than 1 percent on Wednesday after a rise in global markets fueled by positive US inflation data.

A positive US inflation report has fuelled optimism that the Federal Reserve would stop raising interest rates.

The 30-share BSE Sensex surged 742.06 points or 1.14 percent to 65,675.93. It soared 813.78 points or 1.25 percent to 65,747.65.

The National Stock Exchange’s Nifty50 index advanced 231.90 points or 1.19 percent to 19,675.45.

Tech Mahindra, Tata Motors, Infosys, Wipro, Tata Steel, Tata Consultancy Services, Reliance Industries, and Axis Bank were the top gainers on the Sensex.

The laggards were Bajaj Finance, IndusInd Bank, and Power Grid.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong all ended in positive territory.

European stocks were trading higher.

On Tuesday, the US markets finished with huge gains.

Brent crude lost 0.78 percent to USD 81.83 per barrel.

According to exchange data, Foreign Institutional Investors (FIIs) sold securities worth Rs 1,244.44 crore on Tuesday.

Tuesday’s equity markets were closed in observance of Diwali Balipratipada.

On Monday, the BSE benchmark slid 325.58 points or 0.50 percent to 64,933.87. The Nifty sank 82 points or 0.42 percent to 19,443.55.

Retail inflation dropped to a four-month low of 4.87 percent in October, owing primarily to lower food costs, and inched closer to the Reserve Bank’s objective of 4 percent, according to government data released on Monday.

In October, wholesale price inflation remained negative for the seventh month in a row, at (-) 0.52 percent, due to lower food costs.

A negative WPI inflation rate, sometimes known as deflation, indicates that overall wholesale prices have fallen year-on-year.

Also read: North Korea put a new solid-fuel engine for its banned ballistic missiles to test