($1 = 82.5250 Indian rupees) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Nifty 50 rises to highest level in three weeks ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil and Savio D'Souza)
+919769003463)) (Updates closing levels)
BENGALURU, Feb 14 (Reuters) - Indian shares advanced on
Tuesday, led by gains in IT stocks ahead of U.S. inflation data
later in the day, while investors brushed off the impact of a
bigger-than-expected jump in domestic inflation.
The Nifty 50 index settled 0.89% up at 17,929.85,
its highest close since Jan. 24, when U.S. short-seller
Hindenburg Research's scathing report on the Adani Group
triggered a slide in domestic equities.
The S&P BSE Sensex rose 0.99% to 61,032.26, its
highest in nearly four weeks.
Thirty of Nifty 50 constituents rose. Adani Enterprises was among the top gainers, rising 1.88% after
reporting a swing to a third-quarter profit from a year-ago loss
and said it had made no "material financial adjustments" in the
wake of the Hindenberg report.
Eight of the 13 major sectoral indexes rose, with IT stocks rising nearly 1%. All the 10 constituents of the IT
index advanced.
The rise mirrored the gains in their U.S. peers overnight
and ahead of inflation data for the United States, from where
India's software exporters draw a significant share of their
revenue. Analysts estimate U.S. CPI for January rose 0.5%
month-on-month.
"Investors are finding safety in the IT sector compared to
other sectors like banking, in the light of the Adani saga,"
said Anita Gandhi, director at Arihant Capital Markets.
On the domestic front, India's annual wholesale price
inflation eased in January to 4.73% year-on-year, on cooling
prices of some raw materials, government data showed on Tuesday.
The report comes a day after data showed retail inflation
jumped 6.52% in January – beating estimates and again topping
the upper limit of RBI's targeted band of 2-6% – that economists
said cemented the likelihood of further rate hikes.
ITC jumped 3.27% and lifted the FMCG index , ahead of the record date for the interim dividend
for FY2022-23.
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