Indian equity benchmark -- Nifty -- ended Wednesday’s trading session on a higher note, supported by gains in PSU Bank, Media and bank stocks. After making a cautious start, soon index turned volatile, as traders were cautious amid rising crude oil prices and weak cues from global markets. Meanwhile, market participants awaited the release of U.S. inflation data later in the day that could influence the Federal Reserve's policy path. However, in late morning session, index started its northward journey, as traders took some support with data showing an ease in retail inflation and a rise in industrial output. Hitting 5-month high, India’s industrial production measured in Index of Industrial Production (IIP) jumped to 5.7 per cent in July 2023 from 3.7 per cent in June 2023. Besides, after touching a 15-month high of 7.44 per cent in July 2023, retail inflation based on the Consumer Price Index (CPI) declined to 6.83 per cent in August 2023 mainly due to softening prices of vegetables.
Index continued to trade on a higher note in afternoon session, as traders got some support after SBI research in its latest report ‘Towards a Payroll Reporting in India’ stated that the economy has added around 5.2 crore new formal jobs between FY20 and FY23, with the net addition being 2.7 crore, citing the payroll data of the Employees’ Provident Fund Organisation (EPFO), the National Pension Scheme (NPS) and Employees State Insurance Corporation (ESIC). Besides, India's G20 Sherpa Amitabh Kant said that the New Delhi G20 declaration adopted by leaders has demonstrated India's great ability to be a champion of multilateralism and bring the world together on global developmental issues and conflicts like the Russia-Ukraine crisis. Finally, index ended in a positive terrain and settled above 20000 mark.
