India’s equity benchmarks to open higher on earnings support, foreign inflows

BENGALURU: Indian equity benchmarks are likely to open higher on Wednesday, supported by jeweller and watchmaker Titan and hospital chain Apollo Hospitals on the back of strong earnings, while foreign fund buying is also expected to lift sentiment.

The Gift Nifty futures were trading at 26,050 points, as of 7:57 a.m. IST, indicating the benchmark Nifty 50 will open above Tuesday’s close of 25,935.15.

The Nifty 50 and Sensex have risen nearly 1.2% in the last three sessions, driven by optimism surrounding the U.S.-India trade deal.

Foreign investors bought Indian shares worth 694.5 million rupees ($7.67 million) on Tuesday, according to provisional data, in their third consecutive session of purchases.

Investors are also focused on corporate earnings, with the December-quarter reporting season nearing its end.

Three Nifty 50 companies - Titan, Apollo Hospitals and Eicher Motors- reported upbeat earnings for the December quarter after market hours on Tuesday.

Titan reported a 61% jump in third-quarter profit, buoyed by higher average selling prices for gold jewellery and strong demand during the festive season.

Apollo Hospitals Enterprise posted a bigger-than-expected rise in quarterly profit as demand for specialty care services climbed. The hospital chain forecast mid- to high-teens percentage revenue growth for the year ahead aided by its expansion plans.

Automaker Eicher Motors also reported a bigger-than-expected quarterly profit, helped by strong domestic sales of its Royal Enfield motorcycles.