By Bharath Rajeswaran and Vivek Kumar M
(Reuters) -India’s equity benchmarks inched higher in early trade on Tuesday, boosted by a post-earnings surge in Zomato parent Eternal and continued uptrend in financials.
Nifty 50 added 0.1% to 25,111.6 points, while the BSE Sensex rose 0.2% to 82,330.57 as of 10:29 a.m. IST.
Eternal jumped as much as 14% to a record high after the online delivery firm said margins in its quick commerce segment have likely bottomed out, indicating easing competition and a potential turnaround.
The stock lent the biggest boost to the benchmarks on the day.
The positive commentary also lifted rival Swiggy’s shares by about 5%.
Eight of the 13 major sectors declined. However, heavyweight financials rose 0.3%, led by gains in India’s top two private lenders, HDFC Bank and ICICI Bank.
ICICI Bank rose 0.8%, while HDFC Bank added 0.6%, building on its gains from Monday on better-than-expected first-quarter results.
On the other hand, Reliance Industries lost 0.5%, extending last session’s 3.2% drop, as weakness in its oil-to-chemicals and retail businesses continued to weigh.
Meanwhile, investors are awaiting updates on a potential India-U.S. trade deal ahead of U.S. President Donald Trump’s August 1 deadline.
“The only uncertainty right now is on U.S. tariffs. Otherwise, things are looking good from GDP growth, monsoon and inflation perspectives,” said G Chokkalingam, founder and head of research at Equinomics Research.
If there’s no friction or aggressive U.S. tariffs on India, markets are set for a strong rally, Chokkalingam added.
Among other stocks, exchange operator BSE and brokerage Nuvama Wealth Management rose 1.5% each, while Angel One jumped 4% as markets regulator SEBI said trading curbs on U.S.-based Jane Street have been lifted.
Titan Company gained 1% after announcing it will buy a 67% stake in Dubai-based luxury brand Damas from Qatar’s Mannai Corporation.
(Reporting by Bharath Rajeswaran and Vivek Kumar M in Bengaluru; Editing by Sumana Nandy)
