Indian shares eked out modest gains in cautious trade on Tuesday as investors awaited key inflation readings in the U.S. and Europe due this week for clues on the timing and pace of interest rate cuts.
A softer U.S. dollar offered some support after hotter-than-expected Japanese inflation data supported the case for the Bank of Japan to exit its negative rate policy by April.
Global cues were mixed after another Fed official warned against cutting interest rates too soon.
The benchmark S&P/BSE Sensex rose 305.09 points, or 0.42 percent, to 73,095.22 while the broader NSE Nifty index settled 76.30 points, or 0.34 percent, higher at 22,198.35.
Tata Motors jumped 2.7 percent after reports that the Group plans to list Tata EV, its electric vehicles business, in the next one to two years.
IT stocks surged, with TCS rallying 2.5 percent after a rating upgrade by UBS.
Sun Pharma, IndusInd Bank and Power Grid Corp climbed 1-2 percent while Hero MotoCorp led losses to close 1.7 percent lower ahead of the release of February monthly sales figures.
Divis Laboratories, Bajaj FinServ, SBI and Bajaj Finance all dropped over 1 percent.
Market Analysis
Sensex, Nifty End Modestly Higher In Cautious Trade
2024-02-27 10:25:44
