Indian equity benchmarks are likely to extend their winning streak on Tuesday, supported by encouraging first-quarter business updates from companies and continued buying by foreign investors ahead of the earnings season.
GIFT Nifty futures were trading at 24,546 at around 7:53 a.m. IST, indicating a positive start for the benchmark Nifty 50 index, which closed at 24,430.35 on Monday.
The Nifty 50 and the Sensex have climbed 2.4 per cent each over the past four trading sessions, registering their highest closing levels in around 10 weeks. Banking stocks have been among the key drivers of the rally after several lenders reported healthy loan growth in their first-quarter business updates.
Market sentiment has also been supported by Brent crude prices remaining near USD 72 per barrel, steady progress in the monsoon and signs of renewed foreign institutional interest in Indian equities.
According to provisional exchange data, foreign portfolio investors (FPIs) purchased Indian equities worth Rs. 243 crore on Monday, marking their fourth consecutive session of net buying after an extended period of outflows.
Investors are now turning their attention to quarterly earnings, with several companies releasing business updates ahead of the results season.
Jewellery and retail major Titan Company reported a 41 per cent year-on-year growth in its consumer business during the June quarter, driven by robust festival demand in its core jewellery segment.
Fashion retailer Trent posted standalone revenue growth of 19 per cent for the quarter, below market expectations. Brokerage Citigroup said the company's revenue growth moderated despite a favourable base and had expected a 23 per cent increase.
Meanwhile, Jubilant FoodWorks reported a 14.1 per cent year-on-year rise in consolidated revenue for the first quarter, while its Domino's India business recorded like-for-like sales growth of 2.5 per cent. |
