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US stock indexes rose on Wednesday after data showed that while US inflation was at its highest in decades, it largely met economists' expectations, cooling some fears that the Federal Reserve would have to pull back support even more forcibly than already expected.

Asian equities: Asia-Pacific markets were mixed on Thursday as Wall Street saw gains despite a red-hot inflation report that set market expectations for rate hikes. Meanwhile, Covid worries also came into focus as the World Health Organization warned that omicron cases are “off the charts.”

D-Street: Indian equity benchmarks closed 0.9 percent higher on Wednesday, extending gains to a fourth straight session led by financial and oil & gas shares. The 30-scrip index ended 533.2 points higher to end at 61,150 and the broader Nifty50 benchmark settled at 18,212.4, up 156.6 points from its previous close.

Crude oil: Oil prices hit two-month highs on Wednesday on tight supply as crude inventories in the United States, the world's top consumer, fell to their lowest since 2018, a weaker dollar and easing concerns about the Omicron coronavirus variant.

Rupee: The rupee inched higher by just 1 paisa to close at 73.93 against the US dollar on Wednesday as elevated crude oil prices offset the impact of a weak American currency and positive domestic equities. Forex traders said the less hawkish than expected testimony from Federal Reserve Chairman Jerome Powell calmed fears of aggressive Fed policy tightening and supported emerging market currencies. However, appreciation bias was capped as crude oil prices continued to strengthen.

Gold: Gold firmed on Wednesday as data showing US inflation was within expectations dented the dollar and prompted buying from investors who seemed to have priced in the Federal Reserve's likely interest rate hike trajectory.

US consumer prices: Prices paid by US consumer jumped 7 percent in December from a year earlier, the highest inflation rate since 1982 and the latest evidence that rising costs for food, gas, rent and other necessities are heightening the financial pressures on America's households. Inflation has spiked during the recovery from the pandemic recession as Americans have ramped up spending on goods such as cars, furniture and appliances.

Inflation: IIP growth remains muted at 1.4%, consumer inflation jumps to 5.59% In twin blows for the economy, industrial production remained muted for the third straight month in November 2021 while retail inflation rose to a six-month of 5.59 percent in December. The Index of Industrial Production (IIP) grew by 1.4 per cent in November as most components like manufacturing, electricity, mining, primary goods, and consumer durables witnessed a slowdown, according to data released by the National Statistical Office (NSO) on Wednesday.

FII and DII: Foreign institutional investors (FIIs) net sold shares worth Rs 1,001.57 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1,332.01 crore in the Indian equity market on January 12, as per provisional data available on the NSE.

TCS earnings: Tata Consultancy Services reported higher profit at Rs 9,769 crore in Q3FY22 against Rs 9,624 crore in Q2FY22, revenue jumped to Rs 48,885 crore from Rs 46,867 crore QoQ. It also approved buyback of 4 crore equity shares for up to Rs 18,000 crore, at a price of Rs 4,500 per share.

(Edited by : Anshul)

First Published:Jan 13, 2022 9:04 AM IST