Sensex, Nifty Marginally Higher In Early Trade; FMCG Stocks Rally
Indian shares were marginally higher on Tuesday amid optimism that the U.S. Federal Reserve may start cutting interest rates later this year.
The benchmark S&P BSE Sensex was up 18 points at 73,913 in early trade, with the upside capped by signs of escalating tensions in the Middle East. The broader NSE Nifty index was up 14 points at 22,456.
State-run oil marketing firm HPCL rallied 2.7 percent ahead of a board meet on Thursday to consider a bonus issue. Peer BPCL added 1.6 percent.
FMCG stocks traded higher, with Britannia Industries and HUL climbing 2-3 percent.
Godrej Consumer Products soared 5.2 percent after posting strong Q4 results.
IIFL Finance surged 6.6 percent despite reports that it is facing liquidity crunch due to curbs on sanctioning, disbursing and selling gold loans.
Dr Reddy's Laboratories rose 0.6 percent while JSW Energy fell 2.2 percent ahead of their earnings results due today.
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