Nifty Likely To Open Higher; Kotak Bank, Tata Motors, L&T In Focus

Larsen & Toubro will be in focus after its profit in June quarter jumped nearly four times to Rs 1,174.44 crore.

Nifty Likely To Open Higher; Kotak Bank, Tata Motors, L&T In Focus

The Indian equity benchmarks are set to open higher as indicated by the Nifty futures traded on the Singapore Exchange. The Nifty futures on Singapore Exchange also known as the SGX Nifty rose 0.12 per cent or 19 points to 15,840. Meanwhile, Asian equity markets rose cautiously Tuesday, after touching year to date lows the day before, with traders keeping at least half an eye on the United States where major companies report earnings and the Federal Reserve meets on policy this week.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.26 per cent after touching its lowest level since mid-December on Monday, weighed down by big Chinese stocks.

Japan's Nikkei rose 0.58 per cent.

Mainland Chinese and Hong Kong markets recovered a little from their lowest level this year on Monday, when investor worries over government regulations had battered stocks, especially in the education, property and tech sectors.

Chinese blue chips rose 0.15 per cent, and the Hong Kong benchmark rose 0.31 per cent, though real estate, healthcare, education stocks were still down.

Overnight, US stocks touched record highs in choppy trade on Monday and the dollar weakened, as investors avoided making new, bold bets before this week's Federal Reserve policy meeting, which might offer clues on the outlook for monetary policy.

The Dow Jones Industrial Average added 83 points, or 0.24 per cent, to finish at an all-time high of 35,144.31, while the S&P 500 rose 10.5 points, or 0.24 per cent, to end at 4,422.3, also a record close. The Nasdaq Composite was little changed, adding just 3.7 points, or 0.03 per cent, to close at 14,840.71.

Back home, foreign institutional investors (FIIs) sold shares worth Rs 2,377 crore on Monday while domestic institutional investors bought shares worth Rs 1,551 crore.

Tata Motors will be in focus after its loss in quarter ended June 2021 narrowed to Rs 4,551 crore from Rs 8,438 crore during the same period last year. Tata Motors' revenue from operations rose 108 per cent to Rs 66,406 crore in the April-June period as Covid-19 pandemic, which hit sales across the luxury carmaker's business a year earlier, fuelled strong demand for personal vehicles.

Kotak Mahindra Bank will also be on investors' radar after its net profit in April-June period advanced 32 per cent to Rs 1,642 crore from Rs 1,244 crore in the corresponding period last year. Its asset quality deteriorated slightly as gross non-performing assets (NPAs) as a percentage of total advances came in at 3.56 per cent compared with 3.25 per cent in the previous quarter.

Larsen & Toubro will be in focus after its profit in June quarter jumped nearly four times to Rs 1,174.44 crore from Rs 303 crore during the corresponding period a year ago.