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Indian shares open higher after July inflation dips

08/16/2022 | 12:13am EDT
A man wearing a protective mask walks past the Bombay Stock Exchange (BSE) building in Mumbai

BENGALURU (Reuters) - Indian shares opened higher on Tuesday, as data showing consumer inflation eased for a third straight month raised hopes that the central bank may rein in the pace of its rate hikes next month.

The NSE Nifty 50 index was up 0.5% at 17,785.4, as of 0350 GMT, while the S&P BSE Sensex was 0.6% higher at 59,817.2. Indian markets were closed on Monday for a holiday.

India's consumer inflation dipped to 6.71% in July, aided by a slower increase in food and fuel prices. The figure was marginally lower than the 6.78% forecast by economists in a Reuters poll.

Asian stock markets struggled for direction, weighed down by worries over global growth following weak China data that knocked oil prices and commodity-linked currencies.

Banking and auto stocks gained in India, with the Nifty Auto index up 1.1%.

Shares of Life Insurance Corporation of India rose 2.5% after the country's biggest insurer posted a 20% jump in June-quarter premium income on Friday.

India's currency and debt markets remained closed on Tuesday for a holiday.

(Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -2.60% 86.4 Delayed Quote.14.15%
MSCI AC PACIFIC (STRD) 0.20% 132.011 Real-time Quote.-29.04%
NIFTY 50 1.64% 17094.35 Delayed Quote.-3.09%
SENSEX BSE30 1.80% 57426.92 Real-time Quote.-3.17%
WTI -1.18% 80.779 Delayed Quote.8.35%
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