Indian stock markets demonstrated minimal change in early trading on Monday. This situation arose as the dollar and bond yields observed an uptick in the global scene, influenced by promising U.S. labor market indicators and Federal Reserve Chair Jerome Powell's statements. Powell indicated that any future interest rate reduction by the U.S. central bank would be approached with caution.
S&P's BSE Sensex, the benchmark index, experienced a marginal increase of 90 points to reach 72,139, buoyed partly by promising earnings results. Similarly, the broader NSE Nifty index climbed by 39 points, settling at 21,893.
Tata Motors emerged as a significant winner, with its shares skyrocketing by 7 percent due to an outstanding 137 percent boost in net profit for the December quarter. Another achiever, InterGlobe Aviation, saw nearly a 5 percent increase in its share value following the doubling of its profit in the third quarter.
Meanwhile, JSW Infrastructure also observed about a 1 percent rise as its net profit doubled over the year. Tata Steel shares rose by 1.4 percent subsequent to its announcement of an additional financial support package, amounting to approximately 130 million pounds. This assistance is intended for workers impacted due to the company’s transition plans in the United Kingdom.
On another note, pay-TV network Zee Entertainment Enterprises saw its shares rally 1.7 percent following the Singapore International Arbitration Centre rejecting Sony's claim against them. Conversely, Paytm experienced a 10 percent downturn as it continued to grapple with last week's heavy losses. This decline occurred despite the firm denying rumors of impending investigations by the Enforcement Directorate concerning money laundering allegations involving Paytm Payments Bank.
In other market news, shares of the state-run SBI dipped slightly as its Q3 results failed to meet expectations, while Bharti Airtel's shares remained steady ahead of its Q3 earnings report.
