Indian shares experienced slight gains in early trading on Tuesday, despite subdued signals from other Asian markets.
The S&P BSE Sensex, the benchmark index, rose by 145 points or 0.2 percent, reaching 80,809 points in early trade. Similarly, the broader NSE Nifty index increased by 45 points or 0.2 percent, reaching 24,631 points.
Tata Steel saw a 1 percent increase following its announcement to transition to an electric arc furnace for its U.K. operations. Meanwhile, Adani Enterprises, BPCL, Bharti Airtel, and Coal India each rose between 1 to 2 percent.
Conversely, Jio Financial Services dropped nearly 2 percent after reporting a 5.7 percent year-on-year decline in Q1 net profit. In contrast, SpiceJet surged almost 4 percent due to a six-fold increase in its Q4 net profit.
Zee Entertainment Enterprises edged higher amidst reports of fund-raising activities, while Zomato fell 2.4 percent after increasing its platform fee in select locations.
Hindustan Unilever Ltd (HUL) gained 1 percent following its agreement to sell its water purification business to the Indian arm of the U.S.-based water technology company AO Smith. HDFC Life rose by 1.2 percent on the back of strong Q1 financial results.
Additionally, the Bank of Maharashtra posted a 0.7 percent increase after reporting a substantial 47 percent rise in Q1 net profit.
