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Financial, tech stocks lead gains as indices surge to 4-month high

Benchmark equity indices on Tuesday surged to their four-month closing highs, tracking gains in global markets following the softer-than-expected inflation rate for the U.S.

Backed by gains in financial and technology stocks, the S&P BSE Sensex gained 515.31 points, or 0.88%, to 59,332.60. Stocks that gained the most in the Sensex pack included Axis Bank (2.75%), Bajaj Finance (2.36%), HDFC (2.32%), Tech Mahindra (2.12%), TCS (1.98%) and State Bank (1.95%).

The rupee depreciated by 37 paise to 79.62 against the U.S. dollar on Thursday despite sustained foreign capital inflows and a positive trend in equities.

The NSE Nifty-50 index too climbed 124,25 points, or 0.71%, to 17,659 points.

“As softer-than-expected U.S. inflation data suggested a slower pace of rate hike, the global market encouraged optimism,” said Vinod Nair, head of Research, Geojit Financial Services.

“U.S. CPI inflation smoothened to 8.5% in July as lower energy prices offset the increase in food and shelter cost. Domestic investors await the release of India’s inflation data due [Friday], which is expected to show a decline in the inflation trend on a month-on-month basis,” he added.

(With PTI inputs)

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