Indian shares struggled for direction on Tuesday as investors awaited the Federal Reserve’s interest-rate decision for directional cues.
The benchmark S&P BSE Sensex was up 37 points at 66,422 in early trade, while the broader NSE Nifty index was up 15 points at 19,687.
Tata Steel gained 1.4 percent. The company reported over 92 percent fall in Q1 consolidated net profit but still beat estimates.
Automakers traded higher, with Tata Motors adding 1.6 percent ahead of its earnings release. Mahindra & Mahindra shares were up 1.4 percent.
Metal stocks such as Hindalco and JSW Steel rose 1-2 percent amid optimism that more economic support will come from Beijing.
Auto parts maker Samvardhana Motherson International jumped 1.5 percent after it acquired Germany’s Dr. Schneider Group for $131.6 million.
TVS Motor Company rallied 2.3 percent on posting 46 percent year-on-year growth in quarterly net profit.
ONGC rose 0.6 percent after oil prices climbed over 2 percent to a three-month high on Monday.
Reliance Industries edged up slightly. The conglomerate has announced an agreement to invest alongside Brookfield Infrastructure and Digital Realty in special purpose vehicles.
HDFC AMC was down 0.6 percent despite reporting a 52 percent jump in Q1 net profit.
ITC fell 2.4 percent to extend losses from the previous session after the announcement of hotel business demerger.
Market Analysis
Sensex, Nifty Marginally Higher In Early Trade
2023-07-25 04:25:54
