Sensex, Nifty Seen Slightly Up As Middle East Diplomacy Intensifies

Indian shares may open marginally higher on Tuesday, tracking firm cues from global markets as focus shifts to corporate earnings.

HDFC Bank, Jio Financial Services and ICICI Securities could be in focus after posting strong earnings for the September quarter.

Bajaj Finance, L&T Technology Services, ICICI Prudential Life Insurance Company and Tata Metaliks are among the prominent companies that will unveil their quarterly earnings results today.

Prime Minister Narendra Modi will virtually inaugurate the third edition of the Global Maritime India Summit 2023 today and unveil a blueprint for the maritime blue economy.

Benchmark indexes Sensex and Nifty ended slightly lower on Monday while the rupee fell by 2 paise to close at a record low of 83.28 against the dollar on rising geopolitical worries.

Asian markets were mostly higher this morning as traders were encouraged by diplomatic efforts from the U.S. and its allies to prevent the Israel-Hamas war from expanding into a wider conflict.

The dollar steadied as Treasury yields eased after climbing in the U.S. trading session overnight.

Gold extended losses for a second day running while oil prices were little changed after falling over 1 percent overnight.

U.S. stocks rallied overnight as earnings optimism helped outweigh concerns over rising bond yields and the ongoing war in the Middle East.

Investors shrugged off the New York Federal Reserve’s report showing worsening conditions within its region’s manufacturing sector in October.

The Dow advanced 0.9 percent, the S&P 500 climbed 1.1 percent and the tech-heavy Nasdaq Composite added 1.2 percent.

European stocks eked out modest gains on Monday, with financials and mining stocks leading the surge.

The pan European STOXX 600 rose 0.2 percent. The German DAX and France’s CAC 40 both edged up around 0.3 percent while the U.K.’s FTSE 100 gained 0.4 percent.