IGI Logo

Indian shares are set for a muted start on Tuesday after a sharp rise in the previous session aided by financials, amid a slew of corporate earnings and ahead of key macroeconomic data.

India's NSE stock futures listed on the Singapore exchange were down 0.08% at 18,335, as of 8:06 a.m. IST.

Indian shares logged their best session in a little over a month on Monday. So far this fiscal year, the benchmark Nifty 50 has risen 5.21%.

"The recent rally has been triggered by a reasonably stable results season, barring a few sectors like information technology and consumer durables as well as the return of foreign investors," said George Thomas, fund manager - equity at Quantum Asset Management Company.

Analysts expect the benchmark to witness consolidation in the near term ahead of the domestic retail inflation data for April, due to be released on Friday.

Foreign institutional investors extended their buying streak in Indian equities for the eighth session in a row on Monday, adding equities worth 21.24 billion rupees ($259.7 million).

Lupin Ltd, Apollo Tyres Ltd, Indraprastha Gas Ltd, Shipping Corporation of India Ltd, SRF Ltd, Chalet Hotels Ltd, and Westlife Foodworld Ltd are among the companies scheduled to report their quarterly earnings on Tuesday.

Wall Street equities rose marginally overnight on caution ahead of consumer price data due on Wednesday.

Investors are awaiting the data, which comes on the heels of a robust April jobs report to assess the future rate trajectory of the U.S. Federal Reserve and the impact of policy tightening. Asian markets were mostly lower ahead of April trade data from China. [MKTS/GLOB]

Stocks to Watch:

** Mahanagar Gas Ltd: Co reports rise in March quarter profit after tax.

** Carborundum Universal Ltd: Co reports rise in consolidated net profit in Q4.

** VIP Industries Ltd: Co reports consolidated loss in March quarter compared to profit a year ago.

** Pidilite Industries Ltd: Co posts rise in Q4 profit on easing costs, strong demand.

($1 = 81.7800 Indian rupees)