Indian stock markets started positively on Tuesday, although an air of caution lingered due to the expected U.S. inflation data release later in the day, which could potentially impact the Federal Reserve's decision to ease monetary policies.
Meanwhile, India's Consumer Price Index (CPI) data is also expected, with economists forecasting a four-month low in price pressures for February. The S&P BSE Sensex, a prominent Indian stock market index, rose by 490 points, marking a growth of 0.7 percent, to reach 73,997 in the early hours of trading. Keeping pace, the wider NSE Nifty index increased by 113 points, or 0.5 percent, to 22,445.
The banking and finance sectors saw a surge with the stocks of IndusInd Bank, HDFC Life, and HDFC Bank growing from 1 to 2 percent. Additionally, the Tata Consultancy Services (TCS) saw a 2 percent increase, with Reliance Industries growing by 1.3 percent.
In other company news, HIL's shares grew by 2.3 percent following its acquisition of the Topline brand, along with four other companies, marking its expansion into the PVC pipes market. Conversely, ITC's stock fell more than 2 percent due to rumors of British American Tobacco (BAT) planning to divest part of its stake in the company.
Lastly, AB Capital's shares surged by 3.6 percent due to a merger announcement with Aditya Birla Finance. Despite this, Jupiter Wagons' shares dropped by 4 percent even after winning a new order.
