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Nifty, Sensex rise on rally in global markets; inflation data awaited


By Krishna V Kurup

(Reuters) - Indian shares rose over 1 percent on Monday, ahead of data due later in the day, following a rally in global markets after a U.S. jobs report assuaged fears around and faster rate hikes.

India's retail is expected to ease to a four-month low in February on softening prices for vegetables and other perishable foods, but will probably stay above the central bank's target, a poll showed.

Global shares rallied after U.S. data showed non-farm payrolls jumped from last month, but annual growth in average hourly earnings slowed after a spike in January, easing fears of inflation and speculation the Federal Reserve would project four rate hikes instead of the current three.

MSCI's broadest index of shares outside was 1.3 percent higher, for a third session of gains.

The broader NSE Nifty was up 0.92 percent at 10,321.25 as of 0613 GMT, while the benchmark BSE Sensex rose 0.88 to 33,601.39.

"There is a little bit of positivity after Asian markets opened on a positive footing on stronger U.S. markets," said Anand James, at

"Another point of view is that it (market) bounced off its 200-day moving average, which is attracting some bargain buying at the bottom. The first test of this critical level was seen last week. Also, markets are looking at firmer inflation numbers, especially in the backdrop of other central banks also taking a tighter stance on monetary policy. So, upside looks to be little restrained ahead of key macro numbers," he said.

The index, which has been on a downswing since the beginning of February, found support at its 200-day simple moving average last week. The Index (RSI) has bounced back from an oversold zone in the past week, which suggests a reversal in trend.

Financial stocks, except those of some public sector lenders gained. rose 1.4 percent and HDFC Ltd gained 0.7 percent, while such as of fell 1.7 percent while dropped 3.14 percent.

stocks also gained, with advancing 2.1 percent.

Indian cigarette makers such as rose after the left taxes levied on cigarettes intact at its meeting on Saturday.

(Reporting by in Bengaluru; Additional Reporting by Patturaja Murugaboopathy; Editing by Sunil Nair)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 12 2018. 12:24 IST