Sensex, Nifty Modestly Higher In Early Trade

Indian shares were higher in early trade on Thursday despite much uncertainty over U.S. tariffs.

The benchmark S&P/BSE Sensex was up 336 points, or 0.4 percent, at 77,625 while the broader NSE Nifty index was up 90 points, or 0.4 percent, at 23,577.

Power Grid Corp, Titan Company, ICICI Bank and Larsen & Toubro all were up around 1 percent.

Infosys rose half a percent after announcing that it expects a tax refund of Rs. 2,949 crores (including interest).

Wipro rallied 1.5 percent after winning a 500 million pound (USD 644.7 million), 10-year strategic deal from British insurer Phoenix Group.

Axis Bank gained 1 percent after divesting a 1.3 percent unitholding in National Highways Infra Trust (NHIT) for Rs. 230 crores through an open market transaction.

Tata Motors slumped 5.4 percent and Samvardhana Motherson lost 4 percent as U.S. President Donald Trump announced 25 percent tariff on foreign-made vehicles and auto parts.

Ashok Leyland fell 1 percent as one of its promoters announced that it has created a pledge on nearly 30 percent of its holdings.

Also, the company announced that it will shut shop for its EV arm Switch Mobility’s manufacturing and assembly unit in the U.K.