Sensex, Nifty end marginally higher as inflation data dampens market mood

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Sensex, Nifty end marginally higher as inflation data dampens market mood

Equity benchmarks Sensex and Nifty ended marginally higher on Monday as rise in WPI inflation capped early gains despite a positive trend in global markets.

The 30-share index settled 32.02 points or 0.05 per cent higher at 60,718.71. Similarly, the Nifty rose 6.70 points or 0.04 per cent to 18,109.45. PowerGrid was the top gainer in the Sensex pack, rising over 3 per cent, followed by ITC, Asian Paints, Nestle India and Kotak Bank. On the other hand, Tata Steel, M&M, Bajaj Auto and SBI were among the laggards.

Indian markets opened on a positive note on Monday despite mixed cues from Asian market peers where Chinese shares traded lower post better than expected consumer spend data, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

During the afternoon session markets lost initial gains and traded marginally in green with buying in healthcare, IT, and tech stocks.

“Upside remain capped as WPI inflation in October surged to 12.54 per cent from 10.66 per cent a month ago and 1.31 per cent in October 2020,” he noted.

The wholesale price-based inflation spiked mainly due to rise in prices of manufactured products and crude petroleum. It has remained in double digit for the seventh consecutive month beginning April.

Elsewhere in Asia, bourses in Shanghai ended with losses, while Hong Kong, Tokyo and Seoul were positive. Stock exchanges in Europe were trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude fell 1.33 per cent to USD 81.08 per barrel.

READ MORE: WPI inflation spikes to 12.54% in October; crude, manufactured items see price rise

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