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Stocks that were in focus include names like Lupin which was up more than 3%, Adani Green which fell nearly 2% ahead of results, and Union Bank of India which closed with gains of over 4% on Thursday.

“The industrial credit growth in India that we have seen this year over the last one year and year to date is the highest that we have seen in the last 10 years. That effectively means we are seeing some revival of investment activity on the private sector side and which bodes very well for banks overall and we have seen some strong performance from banking stocks over the last month or so.”

"Treasury yields are in freefall, the dollar is tanking, and practically every risky asset is rejoicing over this inflation report," said Edward Moya, Senior Market Analyst, OANDA.

About 30 IndiGo aircraft are grounded due to the delay in supply of parts of the engine. The airline is holding onto its aircraft for a longer period by increasing the lease period and wet leasing aircraft for a short period to bridge the capacity gap.

The dollar tumbled overnight after the release, and recorded its worst day against the Japanese yen since 2016, having fallen 3.7%. It has since clawed back some of those losses and last rose 0.53% to 141.69 yen.

Shares of Ajanta Pharma (Rs 7 per share), GMM Pfaudler (Re 1 per share), Siyaram Silk (Rs 4 per share) and Nikko Parks (Re 0.4 per share) will trade ex-dividend. Shares of GPT Infraprojects will trade ex-bonus in respect of the bonus share issue in the ratio of 1:1.

The crypto rout over the past two days after Binance, the largest crypto exchange, said it was buying FTX, one of its closest rivals and then backtracked, has pushed Indian crypto investors looking for cover.

Reliance Retail Ventures, a subsidiary of Reliance Industries, in August 2020 announced its plan to acquire the retail, wholesale, logistics and warehousing business of Future Group for Rs 24,713 crore.

The inflation data prompted traders to adjust rate hike bets, with odds of a 50-basis point rate hike in December, rather than a 75-basis point hike, jumping to about 85% from 52% before the data was released, according to the CME FedWatch tool.

U.S. consumer prices rose less than expected in October, pushing the annual increase below 8% for the first time in eight months, the strongest signs yet that inflation was slowing, which would allow the Fed to scale back its hefty interest rate hikes.