Indian stocks saw a modest increase on Tuesday, influenced by strong patterns from worldwide markets.
While there was a sense of caution amongst investors, their reactions were anticipated as they awaited the Federal Reserve's policy meeting and the impending release of the latest US jobs report this week. These factors could provide further insights for the Federal Reserve's trajectory on interest rates.
Early in trading, the key S&P BSE Sensex index had risen by 162 points or 0.2%, reaching 74,833 points. Simultaneously, the broader NSE Nifty index had also grown by 76 points or 0.3%, peaking at 22,720 points.
Automotive industry shares experienced a surge, especially Mahindra & Mahindra, which saw an increase of more than 4% following the launch of their new model, the '3X0', in India.
Other automotive companies such as Maruti Suzuki India, Bajaj Auto, and Hero Moto Corp also saw stocks rise by approximately 2%.
In the construction sector, Ultratech Cement reported a 0.7% increase following a 35% growth in their Q4 net profit. However, Tata Chemicals experienced a decline of 2.1% after declaring a net loss of Rs 841 crore in the fourth quarter, which ended in March.
Finally, KEC International saw a 2.7% boost after securing orders worth Rs 1,036 crore in both domestic and foreign markets. Similarly, Poonawalla Fincorp saw an increase of 1.1% following a 84% yearly jump in the fourth quarter profits for the fiscal year 2024.
