BENGALURU: Indian shares were set to open higher on Friday, with strong initial numbers by banks and other companies helping take the edge off slowdown related warnings by IT exporters. India’s NSE stock futures listed on the Singapore exchange were up 0.41% at 18,067.50 as of 8:07 a.m. IST.
The benchmark Nifty 50 index has risen over 3% in April so far, on course for most monthly gains since November 2022.
“Though it is still a banking-led recovery, we are seeing a marginal improvement in participation from other sectors as well,” said Ajit Mishra, vice president (technical research) at Religare Banking.
The financials index has risen nearly 6% this month, on strong earnings and healthy profitability metrics, while the IT index has fallen by a similar percentage since April 12, when Tata Consultancy Services reported its quarterly numbers.
Meanwhile, Wall Street equities closed sharply higher overnight, powered by technology stocks as strong earnings trumped concerns over economic health. Asian markets advanced.
The Nifty 50 closed above its 100-day simple moving average on Thursday for the first time since February.
Indian shares extend gains, close higher on earnings boost
Analysts expect the benchmark to inch towards the 18,100+ zone.
They also view the recent return of the foreign institutional buying as a positive catalyst for markets.
Foreign institutional investors extended their buying streak for the second session and added equities worth 16.53 billion rupees ($202.34 million) on Thursday.
Ultratech Cement Ltd, SBI Cards and Payment Services Ltd, Mahindra & Mahindra Financial Services Ltd are among the major companies reporting their quarterly results on Friday.
Kotak Mahindra Bank Ltd, IDBI Bank Ltd, RBL Bank Ltd, IDFC First Bank Ltd are among the companies reporting their earnings on Saturday.
Comments
Comments are closed.