India’s Nifty best month after November 2020, rupee rises

A man wearing a protective mask walks past the Bombay Stock Exchange (BSE) building on March 13, 2020 in Mumbai, India. REUTERS/Francis Mascarenhas

Register now for unlimited access to

BENGALURU, July 29 (Reuters) – India’s blue-chip Nifty 50 stock index posted its best monthly gain since November 2020, while the rupee rose against the dollar on Friday, as investors raised US interest rates. Bet on slow pace.

The NSE Nifty 50 index (.NSEI) ended 1.35% higher at 17,158.25, while the S&P BSE Sensex (.BSESN) ended 1.25% higher at 57,570.25, with both the indices closing at their highest in three months.

In July, the Nifty rose 8.7%, while the Sensex climbed 8.6%, helped by a sharp fall in crude oil prices that assuaged inflation concerns. The index is up about 2.6% each for the week.

Register now for unlimited access to

Investor sentiment got a boost after the US economy contracted for the second quarter in a row, raising hopes that the Federal Reserve may not opt ​​for aggressive interest rate hikes.

Now the focus has shifted to the Reserve Bank of India’s policy meeting next week, which economists now predict will lead to lower rate hikes than previously expected.

The Indian rupee jumped 0.63% to 79.25 per dollar in its best session since August 27, 2021.

Nifty Metal Index (.NIFTYMET) was the best-performing stock sub-index, rising 3.9% banking on potentially strong demand from top consumer China. Tata Steel (TISC.NS) up 7.2%.

Nifty Auto Index (.NIFTYAUTO) was up 1.3%, with TVS Motor Co (TVSM.NS) rising 4.3% after posting strong gains.

Read |  Grain market accident, aid fund may be needed

SBI Life Insurance (SBIL.NS) rose 8.6% and was the top Nifty topper with a rise in quarterly profit, while drugmaker Sun Pharma (SUN.NS) jumped 5.4%, beating profit expectations.

Shares of industrial equipment maker GMM Pfaudler (GMMP.NS) climbed 19.1% after posting a 17-fold jump in quarterly profit.

Register now for unlimited access to

Reporting by Nallur Sethuraman, Chris Thomas and Gaurav Dogra in Bengaluru; Editing by Subhranshu Sahu and Vinay Dwivedi

Our Standards: Thomson Reuters Trust Principles.

Source link