A four-session rally has pushed benchmark indexes to 10-week closing highs, with foreign buying, steady crude and upbeat corporate updates supporting risk appetite.
Indian shares were set to open higher on Tuesday, extending a four-session rally that has taken the Nifty 50 and Sensex to their highest closes in 10 weeks. GIFT Nifty futures stood at 24,546 as of 7:53 a.m. IST, indicating the Nifty 50 could open above Monday's close of 24,430.35. Market sentiment was supported by positive pre-earnings business updates, Brent crude holding near $72 a barrel, faster monsoon progress and signs that foreign portfolio investors were returning as buyers after a prolonged selling streak. Provisional data showed foreign portfolio investors bought Indian shares worth 2.43 billion rupees ($25.47 million) on Monday, which would mark a fourth straight session of purchases. Among company updates, Titan said its consumer business grew 41% in the first quarter, helped by healthy festival demand in jewellery, while Jubilant FoodWorks reported a 14.1% year-on-year rise in consolidated revenue and Domino's India posted like-for-like growth of 2.5%. Trent reported standalone revenue growth of 19% for the June quarter, below Citi's expectation of a 23% increase.