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Benchmark indices climbed one per cent in early trade on Thursday, led by technology stocks, after a softer-than-expected US inflation report doused fears of aggressive rate hikes by the Federal Reserve.
The NSE Nifty 50 index, with most of its major sub-indexes in the positive territory, advanced 0.9 per cent at 17,692.05, and the S&P BSE Sensex rose 1.02 per cent to 59,416.64 in early trade.
Nifty's IT index rose two per cent after tech-heavy Nasdaq closed 2.89% higher. IT service providers Infosys, Tata Consultancy Services and Wipro were among the top gainers in the blue-chip Nifty 50 index.
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Rupee trades in narrow range against US dollar in early trade
On Wednesday, the rupee rebounded by 38 paise to close at 79.25 against the US currencyAmong other gainers, airlines InterGlobe Aviation and SpiceJet Ltd rose two per cent and four per cent, respectively, after the country's civil aviation ministry lifted the fare caps it imposed during the Covid-19 pandemic.
Market participants are now awaiting the domestic Consumer Price Index (CPI) data due on Friday. A Reuters poll showed India's retail inflation likely eased in July due to a fall in food and fuel prices but stayed well above the Reserve Bank of India's upper tolerance limit of 6 per cent for a seventh consecutive month.
Equities in broader Asia tracked Wall Street higher on Thursday on the softer-than-expected US inflation report. The US CPI, in the 12 months through July, increased by a weaker-than-expected 8.5 per cent after a 9.1 per cent rise in June.
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