Indian Shares Modestly Higher In Cautious Trade

(RTTNews) - Indian shares eked out modest gains in early trade on Tuesday after posting strong gains over the previous two sessions on signs of easing geopolitical tensions in the Middle East.

After the announcement of an interim peace agreement between Washinton and Tehran, some of the biggest questions remain unanswered.

Iranian President Masoud Pezeshkian said that the signed MOU is a draft and a final agreement has yet to be reached.

"The Islamic Republic of Iran has prepared itself for all options, and the government's focus - with or without an agreement—is sincere service to the people," he said.

U.S. President Trump said the Strait of Hormuz, a critical shipping route for global oil supplies, will be open from Friday but questions remain over waterway fees and Israeli breaches of ceasefire in Lebanon.

Asked when the text of the memorandum would be made public, Trump said: "Probably pretty soon after Friday."

The benchmark BSE Sensex was up 307 points, or 0.4 percent, at 76,571 while the broader NSE Nifty index edged up by 85 points, or 0.4 percent, to 23,938.

HCL Technologies rallied 3.2 percent after announcing that it will acquire a 10.46 percent minority stake in Axonwise Private Limited for Rs. 1,427.25 crore.

Tech Mahindra, TCS, Hindustan Unilever, Bajaj Finance and Bajaj FinServ were up 1-3 percent.

Mahindra & Mahindra Financial Services gained 1 percent on news it will raise up to Rs. 1,000 crore through a private placement of non-convertible debentures.

Yes Bank advanced 1.4 percent after it partnered with Northern Arc Capital to broaden credit access, accelerate digital lending initiatives, and provide customers with a wider range of debt investment opportunities.

General Insurance Corporation of India plunged 5.6 percent after the government announced its decision to divest up to a 5 percent stake in the state-owned reinsurer through an offer for sale.

Craftsman Automation dropped 1 percent on fund raising reports.

Bandhan Bank fell nearly 1 percent after its board approved the sale of select non-performing assets from its housing finance portfolio to asset reconstruction companies.