BENGALURU, Dec. 14 (BNA): Indian stocks opened higher on Wednesday, after US consumer prices rose less-than-expected in November, boosting bets that the Federal Reserve will slow the pace and eventually halt price increases in 2023.
The Nifty 50 is up 0.37% at 18,679.70 as of 09:25 AM IST, and the S&P BSE Sensex is up 0.38% at 62,772.52.
All major sectoral indices except Nifty FMCG advanced, with Nifty IT and Nifty Metal gaining close to 1% each.
Wall Street closed higher overnight after data showed that the Consumer Price Index in November rose 0.1% after rising 0.4% in October. Economists polled by Reuters had expected the consumer price index to rise 0.3 percent, according to Reuters reports.
Market focus now shifts to the Fed’s policy decision due at 00:00 AM ET on Thursday (1900 GMT).
The US central bank is expected to raise interest rates by 50 basis points, a smaller increase than the 75 basis point meeting pace the Fed has committed to since June 2022, with a smaller 25 basis point increase in February. Read more
Asian markets opened higher with the MSCI Asia index excluding Japan up 0.79%.
The US data comes after India’s retail inflation read within the RBI’s target range of 2%-6% for the first time in 10 months.
EAE