BENGALURU, Sept 12 (Reuters) - Indian shares rose for the
third straight session on Monday, lifted by gains in technology
and metal stocks, while investors awaited domestic inflation
data for cues on the pace of the central bank's rate hikes.
The NSE Nifty 50 index, with most of its major
sub-indexes in the positive territory, closed 0.58% higher at
17,936.35, and the S&P BSE Sensex rose 0.54% to
60,115.13 -- their highest level since Aug. 18.
India's retail inflation data, due later in the day after
market close, is expected to snap a three-month downward trend
in August as food prices surged, a Reuters poll of economists
showed, likely raising the possibility of an aggressive rate
hike by the Reserve Bank of India.
"Investors are going to closely watch domestic and U.S.
inflation data this week for any signs if they have moderated or
peaked," said Neeraj Dewan, director at Quantum Securities.
Markets are pricing in a straight 75 basis-point rate hike
by the U.S. Federal Reserve, not back-to-back increases and that
indication will be provided by the inflation data, Dewan added.
The Nifty's IT index closed 1.42% higher, its
fourth consecutive session of gain, while the Metal index
advanced 0.92%. Infosys Ltd and Tata Steel
were among the top performers on the benchmark Nifty
50, climbing 1.6% and 1.9%, respectively.
Heavyweight Reliance Industries also provided a
boost with a 1.1% rise at close, after hitting a near two-week
high in the session. The conglomerate late on Friday said its
unit would buy polyester business of Shubhalakshmi Polyesters
and Shubhlaxmi Polytex for 15.92 billion rupees ($200.20
Among other individual stock moves, construction firm
Engineers India closed 2.1% higher, after it won an
order worth 2.49 billion rupees from top oil explorer Oil and
Natural Gas Corp. (https://bit.ly/3d8hmug)
($1 = 79.5200 Indian rupees)
(Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann
Thoppil and Neha Arora)