Sensex, Nifty End Higher As Oil Prices Retreat
(RTTNews) - Indian shares continued their upward momentum on Tuesday, with sentiment buoyed by foreign fund inflows and a retreat in oil prices.
Crude prices extended recent losses after a hurricane that hit a key U.S. oil-producing hub in Texas caused less damage than markets had expected, easing concerns over supply disruption.
The benchmark 30-share BSE Sensex rose 391 points, or 0.49 percent, to 80,351 amid buying in blue-chip stocks.
The broader NSE Nifty hit a new high of 24,443 before finishing up 112 points, or 0.46 percent, at 24,433.
The BSE mid-cap and small-cap indexes closed up 0.36 percent and 0.22 percent, respectively.
Among the top gainers, Maruti Suzuki India shares soared 6.5 percent after the Uttar Pradesh government announced a complete waiver of registration tax on strong hybrid cars.
Hindalco, Titan Company, Mahindra & Mahindra and Divis Laboratories all rose around 2 percent while heavyweight Reliance Industries fell about 1 percent.
Global cues were mixed as investors looked ahead to key U.S. data on consumer and producer price inflation as well as Federal Reserve Chair Jerome Powell's congressional testimony for clues on the U.S. central bank's policy path.
Powell is set to address Congress today and tomorrow. The U.S. CPI report is due on Thursday and is expected to show inflation easing to 3.1 percent in June from 3.3 percent in May. The producer price inflation report is expected Friday.
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