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Top gainers on the Nifty included ITC, Kotak Mahindra Bank, Dr Reddy’s Laboratories, ICICI Bank and Cipla.
Top gainers on the Nifty included ITC, Kotak Mahindra Bank, Dr Reddy’s Laboratories, ICICI Bank and Cipla.
The British pound was last 0.02% lower at $1.2936, after tumbling more than 0.7% on Wednesday in the wake of data that showed Britain’s high rate of inflation falling more than expected in June to its slowest in over a year at 7.9%.
Goldman Sachs rose 0.97% after reporting a 3-year low in profit but CEO David Solomon made upbeat comments about signs of a recovery in investment banking. That echoed comments from other big banks on Tuesday.
Biggest gainers on the Nifty included NTPC, Bajaj Finance, IndusInd Bank, UltraTech Cement and Bajaj Finserv, while losers were Hindalco Industries, Bajaj Auto, Hero MotoCorp, TCS and Maruti Suzuki
Inflation is falling, with the headline consumer price index (CPI) measure slowing to 3.0% in June from 4.0% in May. That led many observers on Wall Street to conclude inflation might soon be tamed, prompting some to renew bets that rate cuts could happen by as soon as the end of 2023.
Big U.S. banks said on Tuesday higher interest rates helped boost profit in the second quarter, causing shares to spike, but a pullback in consumer spending, slower loan growth and increased deposit costs may cloud the outlook for the sector.
The U.S. dollar managed to nudge up after a mixed retail sales report overnight, with sales growth missing forecasts in June but consumers boosted or maintained spending elsewhere, pointing to consumer resilience that is likely to keep the economy on a solid growth path.
Among sectors, metal and realty indices were down nearly 1 percent each and PSU Bank index fell 1 percent, while power index was up 0.6 percent and information technology index rose 1 percent.