Indian shares edged up slightly in cautious trade on Wednesday as investors looked ahead to the Federal Reserve’s interest-rate decision later in the day for clues to the Fed’s rate trajectory.
The U.S. central bank is widely expected to leave interest rates unchanged, but the accompanying statement could have a significant impact on the outlook for rates.
The benchmark S&P BSE Sensex was up 250 points, or 0.3 percent, at 71,400 in early trade, while the broader NSE Nifty index was up 83 points, or 0.4 percent, at 21,605.
Automakers were on the rise, with Tata Motors rallying 3.6 percent and Eicher Motors gaining 1.5 percent.
ONGC and Mahindra & Mahindra both rose around 1.5 percent.
Dr Reddy’s Laboratories climbed 1.4 percent on reporting a 11 percent rise in Q3 net profit.
Adani Group stocks traded higher, with Adani Ports trading up over 1 percent.
TCS added half a percent on bagging a 15-year deal from U.K.’s Aviva.
Larsen & Toubro slumped more than 6 percent despite reporting 15 percent growth in quarterly profit.
Zee Entertainment Enterprises fell about 1 percent ahead of an emergency arbitration in Singapore.
Market Analysis
Sensex, Nifty Edge Up Slightly In Cautious Trade
2024-01-31 04:47:21
