Indian shares tracked global equities higher with the benchmark indexes hitting record highs at the open as soft US retail sales data reinforced expectations of an early rate cut by the Federal Reserve.
The NSE Nifty 50 was up 0.31% at 23,629.85, while the S&P BSE Sensex added 0.31% to 77,543.22. Twelve of the 13 major sectors logged gains. Forty-six of Nifty 50 companies advanced.
Small- and mid-caps also rose 0.5% and 0.35%, respectively, to all-time high levels. Wall Street equities closed higher overnight, with the S&P 500 and Nasdaq Composite closing at record high levels, as weaker-than-expected U.S. retail sales data signalled cooling inflation. The data led to a small boost in rate cut expectations for September to 61.1% from 56.7%.
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