Indian shares set to open higher on optimism after earnings boost
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Indian shares were set to open higher on Tuesday as sentiment improved after strong quarterly results from heavyweights Reliance Industries Ltd and ICICI Bank Ltd, with more earnings on tap later in the day.
India's NSE stock futures listed on the Singapore exchange were up 0.15% at 17,785.50 as of 7:48 a.m. IST.
The Nifty 50 closed 0.68% higher on Monday, led by financials, which climbed nearly 1.5%.
"The better than expected fourth-quarter results from ICICI Bank over the weekend and RBI’s relaxation towards the HDFC Bank merger led to a rally in financials," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services Ltd.
Analysts expect markets to remain range bound with a positive bias as earnings trickle in.
Wall Street equities closed mixed on Monday as investors digested corporate earnings amid rising odds of a U.S. Federal Reserve rate hike on May 3. Asian equities remained subdued. [MKTS/GLOB]
Foreign institutional investors extended their selling streak for six straight sessions on Monday, offloading 4.12 billion rupees ($50.3 million) of shares.
Nestle Ltd, Bajaj Auto Ltd, Bajaj Finance Ltd, Maruti Suzuki Ltd, Hindustan Unilever Ltd, Axis Bank Ltd, ACC Ltd, Wipro Ltd, Ultratech Cement Ltd and Kotak Mahindra Bank Ltd are among the companies due to report their quarterly numbers this week.
Stocks to Watch:
** Ipca Laboratories Ltd: Co to buy over 33% stake in Unichem Laboratories for up to 10.34 billion rupees.
** Mahindra Lifespace Developers Ltd: Co selected as a partner to redevelop a residential society in Mumbai that offers a revenue potential of about 8.5 billion rupees.
** Century Textile and Industries: Co reports 69% year-on-year jump in consolidated profit to 1.45 billion rupees in March quarter.
** Key earnings on Tuesday: Bajaj Auto Ltd, Nestle India Ltd, HDFC Asset Management Company Ltd, AU Small Finance Bank Ltd, Tata Consumer Products Ltd, Dalmia Bharat Ltd, Mahindra CIE Automotive Ltd, Mahindra Lifespace Developers Ltd, Mahindra Holidays and Resorts India Ltd, Rallis India Ltd, Meghmani Finechem Ltd, Nippon Life India Asset Management Ltd.
($1 = 81.8790 Indian rupees)
