Markets climb as retail inflation eases in April

Mumbai, May 14 (PTI) Equity benchmark indices climbed on Tuesday as retail inflation eased to an 11-month low of 4.83 per cent in April and buying in the country’s most valued firm by market valuation Reliance Industries also added to the optimism.

The 30-share BSE Sensex climbed 328.48 points, or 0.45 per cent, to settle at 73,104.61. During the day, it rallied 510.13 points, or 0.70 per cent, to 73,286.26.

The NSE Nifty went up 113.80 points, or 0.51 per cent, to 22,217.85.

From the Sensex basket, Mahindra & Mahindra, Larsen & Toubro, JSW Steel, NTPC, IndusInd Bank, Sun Pharma, UltraTech Cement, State Bank of India, Reliance Industries, and Maruti were the major gainers.

Nestle, Tata Consultancy Services, Axis Bank, ICICI Bank, Bajaj Finance, ITC, and Asian Paints were among the laggards.

Retail inflation eased to an 11-month low of 4.83 per cent in April as prices of some kitchen items declined, though overall food basket firmed up marginally, according to government data released on Monday

In Asian markets, Seoul and Tokyo settled higher while Shanghai and Hong Kong ended lower.

European markets were trading mixed. Wall Street ended on a mixed note on Monday.

Global oil benchmark Brent crude declined 0.17 per cent to USD 83.22 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,498.92 crore on Monday, according to exchange data.

Recovering from early lows, the BSE benchmark ended higher by 111.66 points, or 0.15 per cent, at 72,776.13 on Monday. The NSE Nifty climbed 48.85 points, or 0.22 per cent, to 22,104.05.