Sensex, Nifty open higher on inflation data, IT boost

Bengaluru, 15-Sep-2020

Indian shares opened higher on Tuesday, after data showed the country's annual retail inflation eased slightly in August, with gains in IT stocks also offering support. The blue-chip NSE Nifty 50 index rose 0.48% to 11,494.70 and the benchmark S&P BSE Sensex 0.50% to 38,950.43 by 9:20 am. India's retail inflation in August of 6.69% was lower than the 6.73% recorded in July, though it remained above the upper end of the Reserve Bank of India's (RBI) medium-term target for the fifth straight month. In domestic trading, the Nifty IT index jumped 0.84%, with IT major Tata Consultancy Services Ltd rising as much as 1.4%. Broader Asian markets were up on positive China industrial data and optimism around COVID-19 vaccines, with eyes on the U.S. Federal Reserve's two-day policy meeting that starts later in the day.