BUSINESS

As retail inflation eases to an 11-month low of 4.83 percent in April, markets rise

Tuesday saw gains in equity benchmark indexes as purchasing in Reliance Industries, the nation’s most valuable company by market valuation, and retail inflation, which had fallen to an 11-month low of 4.83 percent in April, contributed to the confidence.

The 30-share BSE Sensex ended the day at 73,104.61, up 328.48 points, or 0.45%. It increased by 510.13 points, or 0.70 percent, throughout the day to 73,286.26.

At 22,217.85, the NSE Nifty increased by 113.80 points, or 0.51%.

The biggest gainers from the Sensex basket were Maruti, Larsen & Toubro, JSW Steel, NTPC, IndusInd Bank, Sun Pharma, UltraTech Cement, State Bank of India, and Mahindra & Mahindra.

Among the laggards were Asian Paints, Nestle, ITC, Axis Bank, ICICI Bank, Bajaj Finance, and Tata Consultancy Services.

According to official statistics issued on Monday, retail inflation dropped to an 11-month low of 4.83 percent in April as prices of several kitchen products decreased, although the entire food basket firmed up somewhat.

Shanghai and Hong Kong concluded down on Asian markets, while Seoul and Tokyo closed higher.

The trading conditions on European markets were uneven. Monday’s closing hours on Wall Street were uneventful.

The benchmark for world oil, Brent crude, fell 0.17 percent to USD 83.22 a barrel.

According to exchange statistics, foreign institutional investors (FIIs) offloaded stocks on Monday worth Rs 4,498.92 crore.

The BSE benchmark finished Monday at 72,776.13, up 111.66 points, or 0.15 percent, from its early lows. At 22,104.05., the NSE Nifty gained 48.85 points, or 0.22 percent.

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