India Stocks: Indian shares set to open higher on optimism after earnings boost

AU Small Finance Bank

25/04/2023 03:25

BENGALURU, April 25 (Reuters) - Indian shares were set
to open higher on Tuesday as sentiment improved after strong
quarterly results from heavyweights Reliance Industries Ltd
 RELI.NS  and ICICI Bank Ltd ICBK.NS , with more earnings on tap
later in the day. 
    India's NSE stock futures listed on the Singapore exchange
 SINc1  were up 0.15% at 17,785.50 as of 7:48 a.m. IST.
    The Nifty 50  .NSEI  closed 0.68% higher on Monday, led by
financials, which climbed nearly 1.5%.
      "The better than expected fourth-quarter results from
ICICI Bank over the weekend and RBI’s relaxation towards the
HDFC Bank merger led to a rally in financials," said Siddhartha
Khemka, head of retail research at Motilal Oswal Financial
Services Ltd.
    Analysts expect markets to remain range bound with a
positive bias as earnings trickle in.    
    Wall Street equities closed mixed on Monday as investors
digested corporate earnings amid rising odds of a U.S. Federal
Reserve rate hike on May 3. Asian equities remained subdued.
 MKTS/GLOB 
    Foreign institutional investors extended their selling
streak for six straight sessions on Monday, offloading 4.12
billion rupees ($50.3 million) of shares.    
    Nestle Ltd  NEST.NS , Bajaj Auto Ltd  BAJA.NS , Bajaj
Finance Ltd  BJFN.NS , Maruti Suzuki Ltd  MRTI.NS , Hindustan
Unilever Ltd  HLL.NS , Axis Bank Ltd  AXBK.NS , ACC Ltd
 ACC.NS , Wipro Ltd  WIPR.NS , Ultratech Cement Ltd  ULTC.NS 
and Kotak Mahindra Bank Ltd  KTKM.NS  are among the companies
due to report their quarterly numbers this week.
    
    
    
    Stocks to Watch: 
    ** Ipca Laboratories Ltd  IPCA.NS : Co to buy over 33% stake
in Unichem Laboratories for up to 10.34 billion rupees.
 urn:newsml:reuters.com:*:nL4N36R2AJ
    ** Mahindra Lifespace Developers Ltd  MALD.NS : Co selected
as a partner to redevelop a residential society in Mumbai that
offers a revenue potential of about 8.5 billion rupees.
 urn:newsml:reuters.com:*:nFWN36P0AY
    ** Century Textile and Industries  CNTY.NS : Co reports 69%
year-on-year jump in consolidated profit to 1.45 billion rupees
in March quarter.  urn:newsml:reuters.com:*:nFWN36R1W1
    ** Key earnings on Tuesday: Bajaj Auto Ltd  BAJA.NS , Nestle
India Ltd  NEST.NS , HDFC Asset Management Company Ltd
 HDFA.NS , AU Small Finance Bank Ltd  AUFI.NS , Tata Consumer
Products Ltd  TACN.NS , Dalmia Bharat Ltd  DALB.NS , Mahindra
CIE Automotive Ltd  MAHN.NS , Mahindra Lifespace Developers Ltd
 MALD.NS , Mahindra Holidays and Resorts India Ltd  MAHH.NS ,
Rallis India Ltd  RALL.NS , Meghmani Finechem Ltd  MEGM.NS ,
Nippon Life India Asset Management Ltd  NIPF.NS .
    
    ($1 = 81.8790 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Dhanya Ann Thoppil)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))