Indian equities faced modest declines on Tuesday amid heightened geopolitical tensions and ongoing uncertainty regarding the Federal Reserve’s rate cut decisions.
In early trading, the benchmark S&P BSE Sensex was down 128 points, or 0.2%, settling at 73,877 as market participants returned after an extended holiday weekend. Concurrently, the broader NSE Nifty index recorded a dip of 28 points, or 0.1%, reaching 22,473.
Nestle India saw a 2.1% drop after its shareholders rejected the proposed increase in royalty payments to its parent company. Pharmaceutical giants Dr. Reddy's Laboratories, Sun Pharma, and Aurobindo Pharma experienced declines following product recalls in the United States.
Tata Motors slipped by 0.5% after announcing an increased investment budget of Rs 43,000 crore for FY25, targeting new products and technologies. Meanwhile, IDFC First Bank experienced marginal losses; its shareholders have approved the merger with IDFC.
Oil India remained stable despite reporting a 10% sequential decline in quarterly profits. On the other hand, JSW Steel rose by 1.3% after allocating Rs 20,000 crore for its capital expenditure plans for FY25.
ONGC saw a modest increase on the back of a 78% surge in Q4 consolidated net profit, while IRFC surged 3.2%, buoyed by a 34% growth in quarterly profits.