Stock Market Today: GIFT Nifty indicates a bullish start; Retail inflation eases more than expected to 6.83%

Stock Market Today: GIFT Nifty index on the NSE IX trading at 20,073.50, up 43.5 points, or 0.22 percent, indicating that Dalal Street would have a successful start to the day on Wednesday. Nifty created a bearish candle with a long wick on the daily chart on Tuesday by finishing 3 points lower after reaching an all-time high level of 20110. The steep sell-off in broad market indices is pointing to greater weakness for the benchmark in the upcoming sessions, even though analysts haven't yet declared it a top reversal.

Rupee rises; Wall Street lower

In response to what many believe to be RBI intervention, the rupee strengthened 8 pesis to end the day at 82.95 against the US dollar. As a result of a dismal projection and rising oil costs, Wall Street stocks closed the day lower on Tuesday, contributing to concerns about ongoing price pressures ahead of this week's important inflation readings. Oracle shares fell more than 13% over this period.

Stock Market Today: Retail inflation rate fell to 6.83 percent

According to data issued by the Ministry of Statistics and Programme Implementation on September 12, India's headline retail inflation rate decreased to 6.83 percent in August as vegetable prices somewhat decreased from the prior month. The Consumer Price Index (CPI) inflation reading for August is 6.83 percent, which is 61 basis points lower than the 15-month high of 7.44 percent for July. However, for the second consecutive month, inflation came in above the RBI's tolerance ceiling of 2–6%, which is the upper bound of the band. Additionally, it has been above the central bank's medium-term target of 4% for the 47th straight month. One tenth of a percentage point is referred to as a basis point.

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