Indian shares set to extend gains on pre-earnings updates, foreign buying
- GIFT Nifty futures were at 24,546
Indian shares were set to open higher on Tuesday, extending a four-session rally on positive pre-earnings corporate updates and signs foreign investors were returning as buyers.
GIFT Nifty futures were at 24,546, as of 7:53 a.m. IST, indicating the Nifty 50 could open above Monday’s close of 24,430.35.
The Nifty 50 and the Sensex have risen 2.4% each over the last four sessions to notch their highest close in 10 weeks, helped in part by banks after first-quarter updates showed solid loan growth.
The rally was also aided by Brent crude holding near $72 a barrel, faster progress in monsoon rains and early signs that foreign portfolio investors (FPIs) were turning buyers after a prolonged selling streak.
Provisional data showed FPIs bought Indian shares worth 2.43 billion rupees ($25.47 million) on Monday, which would mark a fourth straight session of purchases.
Investors will continue to monitor pre-earnings updates from companies ahead of the results season.
Titan said on Monday its consumer business grew 41% in the first quarter, helped by healthy festival demand in its core jewellery segment.
Apparel retailer Trent reported a softer-than-expected standalone revenue growth of 19% for the June quarter. Brokerage firm Citi said Trent’s revenue growth moderated despite a soft base and that it had expected a 23% rise.
Jubilant FoodWorks reported a 14.1% year-on-year increase in consolidated revenue for the first quarter, with Domino’s India recording like-for-like growth of 2.5%.
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