Indian shares opened on a positive note Tuesday even as a cautious undertone prevailed ahead of crucial U.S. inflation data due out later in the day that could influence the timing of the Federal Reserve’s pivot to monetary easing.
India’s CPI data is also due, with analysts expecting price pressures to ease to a four-month low in February.
The benchmark S&P BSE Sensex rose 490 points, or 0.7 percent, to 73,997 in early trade, while the broader NSE Nifty index was up 113 points, or half a percent, at 22,445.
Banks and financials traded higher, with IndusInd Bank, HDFC Life and HDFC Bank climbing 1-2 percent.
TCS added about 2 percent and Reliance Industries was up 1.3 percent.
HIL rallied 2.3 percent after acquiring Topline brand and four associated companies to expand its presence in the PVC pipes segment.
ITC fell more than 2 percent on reports that British American Tobacco (BAT) is preparing to offload a portion of its stake in the company this week.
AB Capital jumped 3.6 percent after a merger announcement with Aditya Birla Finance.
Jupiter Wagons lost 4 percent despite a new order win.
Market Analysis
Sensex, Nifty Gain Led By Banks, Financials
2024-03-12 04:41:50
