Indian shares surrendered some of their earlier gains to close slightly higher on Wednesday as Nestle India’s strong earnings boost consumer stocks, though lingering fears of high inflation and interest rates on corporate profits capped the increase. The NSE Nifty 50 index ended up 0.14% at 17,512.25, while the S&P BSE Sensex climbed 0.25% to 59,107.19. Both indexes rose more than 0.5% earlier in the session and, despite the pullback, have now logged gains for four sessions in a row. The Indian rupee fell to record low versus the US dollar, as surging US Treasury yields prompted a broad rally in the greenback.
Published in The Express Tribune, October 20th, 2022.
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