Indian equity benchmarks Sensex and Nifty rebounded after softer-than-expected US June CPI data reinforced hopes of a less aggressive Fed, with Sensex up 553 points and Nifty above 24,000.
Alpha Score of 57 reflects moderate overall profile with weak momentum, strong value, moderate quality, moderate sentiment.
Indian stock benchmarks opened sharply higher Wednesday, rebounding from the previous session's selloff. The BSE Sensex surged 553 points to 77,603.57, while the NSE Nifty added 148.15 points to trade at 24,198.40.
The move followed a softer-than-expected US June consumer price index reading. Annual inflation eased to 3.5%, below the 3.8% forecast, data from the Bureau of Labor Statistics showed Tuesday. The print reinforced bets that the Federal Reserve could slow its rate hike cycle, traders said.
"Global cues turned relatively supportive overnight," said Rajesh Palviya, Head of Research at Axis Direct. "US equities ended higher after the CPI data."
Eleven of the 13 Sensex sectors advanced. Bajaj Finance and Axis Bank led the advance. InterGlobe Aviation also gained. State Bank of India and UltraTech Cement rose. On the losing side, Infosys fell 0.5%, and Tata Consultancy Services slipped. Infosys carries an Alpha Score of 57 out of 100, according to AlphaScala data, indicating moderate momentum.
In Asia, South Korea's Kospi jumped 7.66%, while Japan's Nikkei and Hong Kong's Hang Seng traded higher. Shanghai's SSE Composite was lower.
Brent crude oil edged up to $85.63 a barrel after US President Donald Trump withdrew a proposed transit fee through the Strait of Hormuz, easing supply concerns.
Foreign institutional investors sold ₹739.69 crore worth of Indian equities on Tuesday, exchange data showed.
"Providing some support to global sentiment, US consumer price inflation eased to 3.5% in June, below market expectations of 3.8%, indicating that underlying price pressures may be moderating," said Ponmudi R, CEO of Enrich Money.
The softer inflation reading has reinforced expectations that the Fed could adopt a less aggressive monetary policy stance, offering relief to global risk assets, he added.
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