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India shares jump 1% as IT leads

08/11/2022 | 12:30am

BENGALURU (Reuters) - Indian shares climbed 1% in early trade on Thursday, led by technology stocks, after a softer-than-expected U.S. 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% at 17,692.05, as of 0351 GMT, and the S&P BSE Sensex rose 1.02% to 59,416.64.

Nifty's IT index rose 2% 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.

Among other gainers, airlines InterGlobe Aviation and SpiceJet Ltd rose 2% and 4%, 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% for a seventh consecutive month.

Equities in broader Asia tracked Wall Street higher on Thursday on the softer-than-expected U.S. inflation report. The U.S. CPI, in the 12 months through July, increased by a weaker-than-expected 8.5% after a 9.1% rise in June. [MKTS/GLOB]

(Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann Thoppil)

Reuters 2022
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