Indian stock market experienced a slight dip on Tuesday, reflecting the impact of China's decision to set its GDP growth target at 5 percent for this year. This situation has affected Asian markets' performance in general.
Economic observers are also keenly awaiting the congressional testimony of Federal Reserve Chair, Jerome Powell, as well as key employment data. These pieces of information will provide insights into the course the U.S. central bank's rate might take.
Regarding specific figures, the S&P BSE Sensex benchmark slipped by 166 points, amounting to a 0.2 percent decline and situating itself at 73,710. Similarly, the broader NSE Nifty index depreciated by 42 points, which is a decrease of 0.2 percent, falling to 22,363.
In other news, Tata Motors shares experienced a significant rise of 4.5 percent after the company announced its decision to split its businesses into two separate companies, thus each having their listing.
NBCC's shares intensified by 1.7 percent after getting a work order worth Rs 92 crore from the Post Graduate Institute of Medical Education and Research (PGIMER), based in Chandigarh.
The National Thermal Power Corporation (NTPC) observed a 1 percent increase in its share value. The company's subsidiary, NTPC Green Energy, entered a joint venture with the Uttar Pradesh Rajya Vidyut Utpadan Nigam. This collaboration aims to develop renewable power parks and projects in Uttar Pradesh.
Swan Energy’s stock was boosted by 1.4 percent after its LNG arm prepaid a debt worth Rs 2,206 crore. Macrotech Developers' shares also saw a 1.4 percent increase following the launch of a QIP issue.
On the downside, IIFL Finance's shares plummeted by 20 percent after an order from the Reserve Bank of India (RBI) demanded the company to refrain from authorizing or disbursing gold loans with immediate effect.
