BENGALURU (Reuters) – Indian stocks were poised to open higher on Tuesday, following a Wall Street rally in the previous session, with the benchmark likely to be lifted by strong third-quarter earnings results from banks.
India’s NSE stock futures listed on the Singapore exchange were up 0.50% at 18,237, as of 07:39 a.m. IST.
Indian benchmark indexes – the Nifty 50 and the S&P BSE Sensex – finished 0.5% higher each on Monday, boosted by bank stocks, after two consecutive sessions of losses.
Heavyweight private lender Axis Bank Ltd posted a stronger-than-expected jump in third-quarter profit on Monday, after the market’s close.
Wall Street equities extended gains to a second straight session on Monday, fuelled by surging technology stocks. [.N]
On the domestic front, Nifty 50 member and India’s top carmaker Maruti Suzuki is scheduled to report its quarterly earnings later in the day.
Most Asian equities were closed on Tuesday.
Foreign institutional investors sold 2.20 billion rupees ($27.00 million) worth of shares on Monday on a net basis, while domestic investors bought 4.35 billion rupees of shares on a net basis, as per provisional NSE data.
Later this week, investors will turn their focus to U.S. data on fourth-quarter GDP estimates for cues on growth outlook in the world’s largest economy, with the Federal Reserve hinting it would remain aggressive with its rate hike path even as recent data has signalled cooling inflation.
STOCKS TO WATCH
** Private lender Axis Bank Ltd on Monday reported a stronger-than-expected 62% jump in quarterly profit, as a surge in interest income outpaced a rise in provisions for bad loans.
** Shoppers Stop reported a 24% jump in quarterly profit on Monday, as the department store operator benefited from festive season sales and a pick up in demand for luxury products.
** Top carmaker Maruti Suzuki on Monday said it was recalling 11,177 Grand Vitara vehicles to address a possible defect in rear seat belt mounting brackets, its second recall within a week.
** Jindal Stainless reported a 28% drop in quarterly net profit on Monday, as steel exports continued to reel from the impact of a government levy that was withdrawn recently.
($1 = 81.4830 Indian rupees)
(Reporting by Rama Venkat in Bengaluru; Editing by Janane Venkatraman)
