Indian stocks rise as consumers and IT rise

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BENGALURU — Indian stocks were trading higher on Wednesday, led by consumer and technology stocks and in line with other Asian stocks, as investors waited for domestic earnings reports to assess corporate health.

The NSE Nifty 50 index rose 0.23% to 18,244.45 at 0350 GMT, while the S&P BSE Sensex rose 0.24% to 61,333.74, adding to gains seen in the two last sessions. The market was closed on Tuesday for a public holiday.

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Meanwhile, the data showed foreign institutional investors were net buyers of stocks for eight consecutive days.

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They bought shares net of 19.49 billion Indian rupees ($239.52 million) on Monday, while domestic investors sold 8.44 billion rupees worth of shares, according to preliminary data available from the Stock Exchange. national.

Investors are now focused on a key US inflation reading expected on Thursday, which should show an easing in consumer prices and provide guidance on the US Federal Reserve’s rate outlook.

In domestic trade, Nifty’s FMCG and IT indices were among the best performing sectors, adding 0.53% and 0.33% respectively.

Tata Motors Ltd and Petronet LNG Ltd rose 0.3% each, while Lupine Ltd fell 1.4%, ahead of their quarterly results. In Greater Asia, stocks rose on Wednesday as investors awaited U.S. inflation data as well as U.S. midterm election results that could spell a shift in power in Washington. ($1 = 81.3700 Indian rupees) (Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann Thoppil)