Indian shares are likely to open higher Tuesday on the back of firm global cues and Axis Bank’s upbeat earnings results for the December quarter. The private sector lender reported a 62 percent jump in quarterly profit despite a rise in provisions.
That said, volatility cannot be ruled out ahead of a public holiday on Thursday and the impending F&O expiry.
Benchmark indexes Sensex and Nifty ended Monday’s session modestly higher while the rupee fell from a near two-month high to close 21 paise lower at 81.38 against the dollar.
Asian markets were seeing modest gains in thin holiday trade amid bets for less-aggressive rate hikes from the Federal Reserve.
Oil and gold prices were flat to slightly higher as investors awaited more U.S. data this week for additional clues on the rate outlook.
U.S. stocks jumped overnight to extend big gains from Friday as investors reacted to a stream of corporate news and earnings results.
The tech-heavy Nasdaq Composite climbed 2 percent and the S&P 500 rose 1.2 percent to reach their best closing levels in over a month while the Dow added 0.8 percent.
European stocks eked out modest gains on Monday amid hopes that inflation could be past its peak.
The pan European STOXX 600 advanced half a percent. The German DAX and France’s CAC 40 index both gained around half a percent while the U.K.’s FTSE 100 edged up 0.2 percent.
Sensex, Nifty Seen Up As Wall Street Extends Rally
2023-01-24 02:52:09
