Indian shares set to extend advance on softer oil, steady earnings
Indian shares are expected to open higher on Tuesday , building on three sessions of gains, as strong company earnings, easing crude oil prices and early signs of foreign investors returning to India aid investor sentiment. GIFT Nifty futures were at 23,523.5 as of 8:05 a.m. IST, indicating a positive start for the benchmark Nifty 50, which closed at 23,440.8 on Monday. The Nifty 50 and BSE…
Indian shares are poised to continue their upward trajectory on Tuesday, capitalizing on a series of positive factors. Strong earnings from companies, coupled with a drop in crude oil prices and indications of returning foreign investors, have bolstered investor sentiment. As of 8:05 a.m. IST on Tuesday, Nifty futures stood at 23,523.5, signaling a promising start for the benchmark Nifty 50, which ended Monday at 23,440.8.
The Nifty 50 and BSE Sensex both surged 1.7% on Monday, reaching their highest levels in over five weeks and eight weeks, respectively.
Brent crude oil prices remained unchanged around $105 a barrel following a 7% decline in the previous session. This stability was due to positive developments in the Iran-Qatar talks, which raised optimism about resolving the ongoing conflict between the US and Iran. However, recent reports of the US attacking Iran’s Qeshm Island have kept tensions high.
Foreign portfolio investors made net purchases of shares worth 31.15 billion Indian rupees in Monday's trading, while domestic institutional investors sold off shares worth a net 3.92 billion rupees, according to provisional data from the National Stock Exchange (NSE).
Ponmudi R, CEO of brokerage Enrich Money, noted that a lasting de-escalation in geopolitical tensions and further easing of energy prices could bolster the ongoing recovery. However, a collapse in negotiations or persistent weakness in global technology stocks could reignite volatility. Among individual stocks, Marico is expected to draw attention after surpassing profit expectations due to lower copra costs and robust demand.
Dr. Reddy’s announced that the US Food and Drug Administration (FDA) had provisionally approved a generic version of a novel HIV prevention drug. Granules India reported a 40% increase in profit for the September quarter, driven by successful product launches and strong sales of its key medicines in overseas markets, which outweighed higher production costs.
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