Indian equities opened higher on Tuesday morning, tracking quarterly earnings announcements and cues from global markets.
In early trade, GIFT Nifty was trading at 25,988 at 7:39 am, up 79.50 points, indicating a higher start for domestic indices. Shares of Titan, BSE, Aurobindo Pharma, Ambuja Cements and NTPC Green Energy were among those in focus as companies reported or prepared to report third-quarter results. Market direction was expected to be influenced by Q3 earnings and trends in Asian and US markets.
Asian markets showed gains, with Japan’s Nikkei 225 trading near record levels and South Korea’s Kospi hovering close to its highest level to date. US markets closed higher on Monday, with the Dow Jones ending near record highs, while the S&P 500 and Nasdaq also advanced.
In commodities, gold and silver prices declined by about 0.6% on Tuesday morning amid a firmer dollar.
The trading session is significant for third-quarter earnings, with Apollo Hospitals, Britannia Industries, Eicher Motors, Titan Company, Grasim Industries, United Breweries, Jubilant Foodworks, Oil India and Torrent Power scheduled to announce results.
Pfizer India reported a third-quarter profit of ₹141.8 crore, with an increase in revenue. Aurobindo Pharma reported a profit of ₹910 crore for the quarter and announced the acquisition of a new stake in the renewable energy segment. The company also received approval from the National Company Law Tribunal for the merger of two subsidiaries.
BSE reported a profit of ₹601.8 crore, several times higher than the year-ago period. Navin Fluorine reported a sharp increase in profit, while Trident reported a decline in profit for the quarter.
Beyond earnings, corporate actions were also in focus. Garden Reach Shipbuilders entered into an agreement with Hindustan Shipyard for large shipbuilding projects. The merger of Ambuja Cements and Sanghi Industries received approval from the National Company Law Tribunal. Nykaa completed an acquisition in the wellness segment. NTPC Green Energy commissioned additional capacity at the Khavda solar project in Gujarat. Gravita India and Wipro announced new deals and investments.
