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Retail inflation eases to 5.3% in Aug

Retail inflation fell for the third month in a row to 5.3% in August on account of subdued prices of food items like vegetables, PTI reported.

The Consumer Price Index (CPI)-based retail inflation declined to 5.3% in August as compared with 6.69% in the same month a year ago. Food inflation dipped at a much faster pace to 3.11% from 9.05% in August 2020.

The food inflation was also lower than 3.96% in preceding month of July.

Sensex, Nifty open higher

The Indian benchmark equity indices, Sensex and Nifty opened higher after a flat start the previous day. At 9:15, Sensex opened 0.52% higher at 58482.62 while Nifty opened 0.37% higher at 17,420.35.

All sectors were in green with media, metals, banks and realty gaining the most.

Oil extends gains

Oil prices extended gains on concerns that another storm could disrupt supply in Texas while the U.S. industry struggles to return to production after Hurricane Ira, Reuters reported. 

Brent crude rose 0.2% to $73.66 a barrel, while U.S. Texas Intermediate surged 0.3% to $70.68 a barrel, continuing their gains from the previous day.

"Concerns over Nicholas prompted buying as it is likely to hit the area devastated by Ida though the force is not expected to be as strong as Ida," Hiroyuki Kikukawa, general manager of research at Nissan securities told Reuters.

Asia shares mixed

Asian shares were mixed while Dollar was steady as investors await U.S. inflation data for update on whether Federal reserve will taper stimulus, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.13%, and Chinese blue chips fell 0.2%. Australia’a S&P/ASX 200 was down 0.31% and Hong Kong’s Hang Seng also fell in the negative territory.

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