Indian benchmark stock indices, the Sensex and the Nifty50, have shown gains in Tuesday morning's trading session as investors engage in bargain hunting following four consecutive days of losses. The market's positive sentiment is also supported by data indicating a decline in the country's consumer price inflation for December.
Alongside processing the inflation data, investors are considering quarterly earnings reports. However, concerns about global economic growth and uncertainties regarding U.S. interest rates are curbing the market's potential gains.
The BSE Sensex, which reached a session high of 76,779.49, currently shows an increase of 327.56 points, or 0.43%, standing at 76,657.57. Similarly, the broader Nifty50 index of the National Stock Exchange is up by 93.45 points, or 0.4%, at 23,179.40, after hitting an earlier peak of 23,227.20.
The National Statistical Office reported post-market hours on Monday that India's consumer price inflation slightly eased to 5.22% in December from 5.48% in November, against expectations of 5.3%.
Investors are also anticipating the release of India’s wholesale price inflation data later in the day.
Stocks such as IndusInd Bank and NTPC are seeing nearly 3.5% gains, while Zomato, after a significant decline on Monday, is up by 3%. Other notable gainers include Tata Motors, Adani Ports, Bajaj Finance, State Bank of India, Tata Steel, and Maruti Suzuki, with gains ranging from 1.5% to 2.7%.
Moderate gains are observed in shares of HDFC Bank, Bharti Airtel, Bajaj Finserv, Mahindra & Mahindra, Axis Bank, Asian Paints, and Sun Pharmaceutical Industries.
Despite HCL Technologies reporting a surge in consolidated net profit for the third quarter, the company's stock is down 9%, attributed to its revenue guidance for the current financial year falling short of market expectations. The IT giant announced a consolidated net profit of ₹4,590 crore for the third quarter, up from ₹4,235 crore in the previous quarter.
Tech Mahindra, Nestle Industries, Hindustan Unilever, and Titan Industries have declined between 0.5% and 1.4%.
Adani Enterprises, leading the Nifty50 index, has surged by 5.2%. NTPC is showing a gain of 3.7%. Hindalco, JSW Steel, Shriram Finance, ONGC, Bharti Airtel, and Eicher Motors have also advanced between 1% and 2.7%.
In contrast, Angel One has decreased by nearly 4%, despite reporting a ₹20 crore year-on-year increase in third-quarter profits, amounting to ₹280 crore. Likewise, Anand Rathi Wealth is down by 2% despite posting a rise in third-quarter earnings to ₹77 crore compared to the previous year.
The market breadth is positive, with 2,511 stocks on the BSE showing gains, while 1,112 stocks are in negative territory, and 141 remain unchanged.
