Indian shares extend Fed rate-fueled rebound; inflation data eyed
Indian shares advanced on Friday, building on last session’s Fed rate cut-led rebound, while investors awaited domestic inflation data due later in the day. The Nifty 50 rose 0.41% to 26,005.50 and the BSE Sensex added 0.42% to 85,166.16 as of 10:04 a.m. IST. Both the indexes gained about 0.5% each on Thursday in a broad-based rebound after a three-session slide. On the day, fourteen of the 16 major sectors logged gains. Small-caps and mid-capsrose 0.8% each. The rupee, however, remained under pressure, sliding to a record low against the U.S. dollar, with sentiment bogged down by the absence of a U.S.-India trade deal. Meanwhile, Indian Prime Minister Narendra Modi said he spoke with U.S. President Donald Trump by phone on Thursday, as New Delhi seeks relief from the 50% U.S. tariffs on some of its key exports. “While the sentiment remains supported by global stability following the recent Fed rate cut, foreign fund outflows and rupee weakness keep traders somewhat cautious,” said Aakash Shah, technical research analyst at Choice Equity Broking.