Indian stocks experienced a slight increase on Tuesday due to growing speculation that the U.S. Federal Reserve could start reducing interest rates later within the current year.
In early trade, the flagship S&P BSE Sensex was 18 points higher, registering at 73,913. However, the growth was limited by emerging signs of intensifying issues in the Middle East. Meanwhile, the wider NSE Nifty index rose by 14 points and settled at 22,456.
The state-managed petroleum marketing company, HPCL, saw a 2.7 percent rise in anticipation of Thursday's board meeting, where a bonus issue is set to be considered. Similarly, its counterpart, BPCL, saw a boost of 1.6 percent.
Fast-Moving Consumer Goods (FMCG) shares also witnessed an increase. Both Britannia Industries and HUL surged between 2-3 percent. Additionally, after reporting promising fourth-quarter results, Godrej Consumer Products saw a massive rise of 5.2 percent.
IIFL Finance's shares saw a 6.6 percent increase, even with rumors of a liquidity crunch caused by restrictions on sanctioning, disbursing, and the sale of gold loans.
Dr. Reddy's Laboratories experienced a 0.6 percent increase, while JSW Energy experienced a 2.2 percent decline, both companies are ahead of their earnings reports due today.
