Indian shares set to extend advance on softer oil, steady earnings

Indian equities were poised for another positive opening on Tuesday, following three consecutive sessions of gains, Business Recorder reported. Strong corporate results, lower crude prices and Monday’s return of foreign buying supported sentiment. GIFT Nifty futures stood at 23,523.5 at 8:05 a.m. IST, compared with Monday’s Nifty 50 close of 23,440.8.

The Nifty 50 and BSE Sensex each rose 1.7% on Monday, reaching their highest levels in more than five and eight weeks, respectively. Brent was near $105 a barrel after falling 7% in the prior session, while geopolitical tensions remained unresolved; foreign investors bought shares worth 31.15 billion Indian rupees on Monday, against net domestic institutional sales of 3.92 billion rupees. Marico exceeded quarterly profit expectations, Dr. Reddy’s reported tentative US FDA approval for a generic HIV-prevention medicine, and Granules India recorded about 40% profit growth for the September quarter.