FX.co ★ Sensex, Nifty Cling To Modest Gains In Early Trade

On Wednesday, Indian stocks began on a positive note influenced by tepid U.S. business activity data that rekindled hopes of an interest rate cut. This optimism was fueled further by an encouraging outlook from electric vehicle industry leader, Tesla, in spite of not meeting sales expectations.

The early trading hours saw an increase of 167 points or 0.2 percent, taking the S&P BSE Sensex to 73,906. Concurrently, the broader NSE Nifty index ascended by 45 points or 0.2 percent reaching 22,413.

Among the top performers, the pharmaceutical giant Cipla experienced a significant rally of approximately 2 percent. Similarly, metal stocks also traded higher as companies like JSW Steel, Hindalco, and Tata Steel witnessed a rise almost around 2 percent each.

Indian Hotels saw a rise of 1.8 percent and Axis Bank increased by 0.6 percent, both in anticipation of their impending earnings results today. On the contrary, Tata Consumer Products faced a slump of 4.5 percent after unveiling mixed Q4 results.

Additionally, ICICI Prudential Life saw a dip of 3 percent following the announcement of a 26 percent decline in their Q4 net profit.