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Indian shares edge higher on pharma, consumer gains

A man wearing a protective mask walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 13, 2020. REUTERS/Francis Mascarenhas

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BENGALURU, July 14 (Reuters) – Indian shares inched higher on Thursday, led by strength in consumer goods and pharmaceutical stocks, although fears that the U.S. Federal Reserve would go for more aggressive rate hikes due to soaring inflation kept a lid on gains.

The NSE Nifty 50 index (.NSEI) was up 0.2% at 16,004, as of 0359 GMT, while the S&P BSE Sensex (.BSESN) rose 0.18% to 53,607.90.

U.S. consumer prices accelerated in June, resulting in the largest annual increase in inflation in 40-1/2 years and cementing the case for the Fed to hike interest rates by 75 basis points later this month. read more

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A stronger domestic inflation data earlier this week also boosted prospects of more rate hikes by the Reserve Bank of India next month.

The Indian rupee hit a record low for the fourth straight session against the dollar on more safe-haven flows into the greenback and outflows from domestic equities.

The Nifty pharma index (.NIPHARM) rose 1%, while the fast- moving consumer good index (.NIFTYFMCG) gained 0.6%.

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Reporting by Nallur Sethuraman in Bengaluru; Editing by Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles.

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