Nifty and Sensex rise amid a worldwide market upswing

Benchmark equity indices rose in early trade on Wednesday, fueling a worldwide market boom fueled by positive US inflation statistics.

In early trade, the 30-share BSE Sensex rose 645.08 points to 65,578.95. The Nifty gained 209.8 points to 19,653.35.

JSW Steel, Tech Mahindra, Tata Steel, Infosys, Wipro, Tata Consultancy Services, HCL Technologies, and Axis Bank were the top gainers on the Sensex.

The laggards were Power Grid, Nestle, Mahindra & Mahindra, and Asian Paints.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were all trading in the green.

On Tuesday, the US markets finished with huge gains.

Brent crude rose 0.3 percent to USD 82.74 per barrel.

According to market statistics, foreign institutional investors (FIIs) sold securities worth Rs 1,244.44 crore on Tuesday.

Tuesday’s equity markets were closed because of Diwali Balipratipada.

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

Retail inflation fell 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 target of 4 percent, according to official statistics issued on Monday.

In October, wholesale price inflation remained negative for the eighth 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.

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