Indian shares end higher as Reliance rallies; inflation data awaited

Indian shares end higher as Reliance rallies; inflation data awaited

13 Jul 2020 04:57 PM
 

Indian shares ended higher on Monday, led by a rally in Reliance Industries, ahead of June's inflation data which investors bet would lead to further interest rate cuts by the central bank.

However, gains were capped by declines in the banking and financial sectors after rating agency Moody's warned of challenging economic and credit conditions stemming from COVID-19 for Indian banks.

The broader NSE Nifty 50 index ended up 0.32% at 10,802.7 and the benchmark S&P BSE Sensex finished 0.27% higher at 36,693.69.

A Reuters poll last week showed India's headline inflation likely eased to 5.3% in June, still just over a point above the Reserve Bank of India's medium-term target of 4.0%.

The data is expected later in the evening.

Expectations of easing inflation come amid surging coronavirus cases as Asia's third-largest economy began lifting lockdown restrictions to help revive the economy.