Nifty Seen Opening Higher; Axis Bank, Kotak Bank, Cipla In Focus

Foreign institutional investors sold shares worth Rs 2,459 crore on Monday while domestic institutional investors bought shares worth Rs 2,390 crore.

Nifty Seen Opening Higher; Axis Bank, Kotak Bank, Cipla In Focus

Axis Bank, Bajaj Finance, Cipla and Kotak Mahindra Bank will report their Q2 earnings later in the day.

The Indian equity benchmarks are set to open higher as indicated by the Nifty Futures traded on the Singapore Exchange. The Nifty Futures contracts on the Singapore Exchange also known as the SGX Nifty Futures rose 41 points or 0.22 per cent to 18,181 amid positive cues from other Asian markets. Japan's Nikkei was up nearly 2 per cent, South Korea's KOSPI index advanced 0.65 per cent, Taiwan Weighted rose 0.61 per cent and Australia's S&P ASX 200 index rose 0.11 per cent.

Overnight, global stocks rose and Treasury yields dipped on Monday with major Wall Street benchmarks hitting fresh records, buoyed by a robust start to the U.S. corporate earnings season and an improving economic outlook.

A large proportion of S&P 500 companies are due to report results this week, including technology heavyweights Facebook, Apple Inc, Amazon, Microsoft, and Alphabet, which have been the drivers of the market rally this year.

The Dow Jones Industrials and S&P 500 closed at record highs on Monday as traders looked ahead to earnings reports.

The Dow Jones Industrial Average rose 0.18 per cent to 35,741.15, the S&P 500 gained 0.47 per cent to 4,566.48 and the Nasdaq Composite added 0.9 per cent, to 15,226.71.

Back home, foreign institutional investors sold shares worth Rs 2,459 crore on Monday while domestic institutional investors bought shares worth Rs 2,390 crore.

Axis Bank, Bajaj Finance, Cipla and Kotak Mahindra Bank among the Nifty 50 shares will be in focus as they will report their September quarter earnings later in the day.

Ceat will be on investors' radar after the company post market hours on Monday reported that its net profit in September quarter slumped 77 per cent to 42 crore from Rs 182 crore during the same quarter last year.

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