GIFT Nifty Trades Above 22,200; Vodafone, Axis Bank, Zee, SJVN, Titan In Focus

Markets in the Asia-Pacific region were mixed after a key U.S. Federal Reserve official said there’s no hurry to cut interest rates.

Federal Reserve Governor Michelle Bowman said that it’s too soon to begin rate cuts and reiterated her view that inflation will continue to rise with the current level of interest rates, Bloomberg reported.

Investors in the region will also closely monitor the outcome of the Reserve Bank of New Zealand’s policy decision.

Wall Street witnessed another busy session of bond sales as issuers looked to borrow before key U.S. PCE data is due later this week, according to Bloomberg.

Brent crude was trading 0.39% lower at $83.32 a barrel. Gold was up by 0.1% to $2,033.35 an ounce.

The February futures contract of the GIFT Nifty traded up by 18 points, or 0.08%, at 22,235.00.

India’s benchmark stock indices closed higher, snapping a two-day decline in a choppy trading session on Tuesday, led by gains in Tata Consultancy Services and Tata Motors.

The NSE Nifty 50 settled 76.30 points, or 0.34%, higher at 22,198.35, and the S&P BSE Sensex gained 305.09 points, or 0.42%, to end at 73,095.22.

Overseas investors remained net sellers of Indian equities on Tuesday for the second consecutive session. Foreign portfolio investors offloaded stocks worth Rs 1,509.2 crore; domestic institutional investors remained buyers and bought equities worth Rs 2,861.6 crore, the NSE data showed.

The Indian rupee closed flat at 82.90 against the U.S. dollar.