India’s Nifty set to open higher as robust business updates aid sentiment

India’s benchmark Nifty 50 index, which ended the last session at a record closing high, is set to open stronger on Monday, with positive business updates reinforcing expectations of improved quarterly earnings and boosting sentiment.

The Gift Nifty futures were trading at 26,538.5 points as of 8:00 a.m. IST, indicating that the Nifty 50 ould open above Friday’s record close of 26,328.55.

Both Nifty and Sensex climbed about 1% last week.

Other Asian markets rose 1.2% on Monday, while oil prices were choppy on the day as investors assessed the repercussions of a dramatic weekend of events, which saw the U.S. capture Venezuelan President Nicolas Maduro.

Improving optimism ahead of the December-quarter earnings season is aiding domestic market sentiment, two analysts said.

Foreign portfolio investors turned net buyers of Indian stocks on Friday, after nine sessions of outflows, purchasing shares worth 2.9 billion rupees ($32.2 million).

Domestic institutional investors bought shares worth 6.77 billion rupees.

Among individual stocks, Marico will be in focus after a positive quarterly business update, while D-mart operator Avenue Supermarts logged a rise in quarterly revenue.