Indian shares gain on rate cut hopes, Reliance rally

Indian shares gain on rate cut hopes, Reliance rally

13 Jul 2020 11:45 AM
 

Indian shares climbed on Monday, as investors bet June inflation data later in the day would lead to further interest rate cuts by the country's central bank, while Reliance Industries gained for a third session.

The broader NSE Nifty 50 index rose 0.79% to 10,853.1 by 09:57 am and the benchmark S&P BSE Sensex was up 0.78% at 36,880.57.

A Reuters poll last week showed India's headline inflation likely eased to 5.3% in June, still just over a point above

Reserve Bank of India's medium-term target of 4.0%.

RBI governor Shaktikanta Das on Saturday also said inflation will continue to moderate going forward and investment activity will revive, but cautioned about uncertainty in the economy's medium-term outlook.