2024.02.1304:50:00UTC+00Sensex, Nifty Open Higher On Strong Macro Data

On Tuesday, Indian stocks experienced a small increase following new data that indicated a decrease in India's retail inflation to a three-month low of 5.1 percent in January. This was primarily a result of slowing growth in food prices.

Separate figures revealed that India's industrial production rose more quickly than anticipated, increasing 3.8 percent year-over-year in December. This comes after a significant reduction in the previous month.

In early trading, the primary S&P BSE Sensex rose 245 points, or 0.4 percent, to reach 71,320, while the broader NSE Nifty index increased by 48 points, or 0.2 percent, ending at 21,664. Coal India's shares increased by over 2 percent following a report of a 17 percent rise in Q3 consolidated net profit.

Shares in companies such as Axis Bank, Apollo Hospitals Enterprise, ICICI Bank, and Hero Moto Corp saw a rise of 1-2 percent.

However, shares in Paytm’s parent company, One97 Communications, saw a slump of 6 percent. This followed reports that a government panel is investigating its subsidiary, Paytm Payments Services’, foreign direct investment (FDI) from China.

SpiceJet shares fell by 3.6 percent after the announcement of a plan to lay off 100 employees. Shares in Eicher Motors saw a rise of about 1 percent ahead of its earnings release.

Steel Authority of India shares lost 3.2 percent in value after their Q3 profit fell 22 percent. Hindalco Industries experienced a significant dip, their shares falling nearly 14 percent with their earnings results scheduled for release later in the day.

Finally, Bandhan Bank's shares dropped by 1 percent due to reports concerning the NCGTC audit on 'evergreening of loans.'