Indian shares are rising in early trading on Tuesday despite weak Asia cues. The Asian markets are broadly lower as investors shifted their focus to Fed Chairman Bernanke's testimony on the economic outlook to Congress and the release of the Fed's May minutes on Wednesday. The rupee is edging higher, tracking a weaker dollar overseas and as the RBI said FIIs are permitted to invest in inflation-linked bonds within their existing limit of $25 billion set for investments in government bonds.
The benchmark 30-share Sensex is currently up 38 points or 0.2 percent higher at 20,262, with 16 of its components advancing. The 50-share Nifty index is at 6,162, up 5 points or 0.09 percent from its previous close.
State-owned lenders like SBI, Indian Bank and Bank of Baroda are up between half a percent and 1 percent after Finance Minister P. Chidambaram favored mergers in the banking industry to help create two-three global sized banks.
Coal India is rallying 2 percent as it reported a 90 percent jump in its fourth-quarter standalone net profit, riding on dividend income paid by its subsidiaries. India Cements is moving up 0.3 percent despite posting a 60 percent fall in quarterly net profit, hurt by higher freight rates and fuel costs.
City Union Bank is gaining 0.6 percent on reporting a 15 percent rise in its fourth-quarter net profit. IT stocks like TCS and HCL Technologies are up 1-2 percent, BHEL is rising 1.4 percent, HDFC is adding a percent and Infosys is up 0.9 percent.
Adani Enterprises is declining 1.2 percent after it posted fourth-quarter stand-alone net loss of Rs.73.61 crore compared with a net profit of Rs.170.55 crore in the corresponding quarter last year.
JSW Energy is tumbling 3.7 percent after one of its promoters proposed to sell 2.82 crore shares of the company through offer for sale on May 22. Likewise, Oracle Financial Services is losing 1.4 percent ahead of an offer for sale of 44.30 lakh shares of the company tomorrow.
Omaxe is plunging 6.5 percent after the realty firm fixed the floor price at Rs. 148 per share for offer for sale (OFS) of shares by its promoters. Thomas Cook (India) is tumbling 3.2 percent on reports it plans to monetize land assets to raise money for working capital requirements.
Divi's Laboratories and Hotel Leela Venture are down 4-5 percent on disappointing results. Larsen & Toubro is moving down half a percent ahead of its Q4 results due out tomorrow.
Indian shares reversed direction to end modestly lower on Monday as investors took some profits off the table following recent sharp gains. The benchmark 30-share Sensex hit a high of 20,444 early in the session before reversing direction to end down 62 points or 0.31 percent lower at 20,224. The broader Nifty index breached the psychological level of 6,200 to hit a 31-month high before erasing early gains to end at 6,157, down 30 points or 0.49 percent from its previous close.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.