Indian shares rise on auto, financial boost; CPI data awaited

FILE PHOTO: People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, November 4, 2020. REUTERS/Francis Mascarenhas/File photo

BENGALURU (Reuters) – Gains in auto and financial stocks boosted Indian shares on Monday, with investors awaiting data on consumer price inflation (CPI) for June and industrial output for May.

As of 0357 GMT, the blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex were up 0.49% each at 15,767.15 and 52,643.43 points, respectively.

ICICI Bank rose 1.7% and State Bank of India climbed 0.9%. The major lenders were among the top boosts to the Nifty Bank index that added 0.72%.

The Nifty Auto index, up 0.67%, was set to snap a four-day losing streak. Shares of the country’s top automaker Maruti Suzuki jumped 1.1% as the company announced a price hike for one of its bestselling cars.

Sentiment was also be buoyed by a relief rally in Asian peers as U.S. stocks hitting all-time highs and China’s policy easing helped calm jitters on global growth.

The focus is now on consumer inflation and industrial output data, which will be released later in the day.

The country’s retail inflation probably accelerated to a seven-month high in June on rising food and fuel prices, staying above the Reserve Bank of India’s comfort zone for a second straight month, a Reuters poll showed.

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