Indian equity markets are expected to open on a positive note on July 31, supported by firm global cues and gains in GIFT Nifty. Investors will also monitor several major stocks as companies continue to announce their June quarter (Q1) financial results.
In early trade, GIFT Nifty was trading around 55 points higher at 24,449, indicating a firm opening for Indian equities on Friday. On Thursday, the BSE Sensex closed 273.55 points, or 0.35%, higher at 77,928.15, while the NSE Nifty 50 gained 66.95 points, or 0.28%, to settle at 24,317.15.
Corporate earnings will remain in focus as several companies are scheduled to report their June quarter financial results. Shares of Maruti Suzuki India, ITC, Bajaj Finserv, Indian Oil Corporation, Dixon Technologies, Urban Company and Sun Pharmaceutical Industries are expected to remain in focus.
Swiggy reported a lower consolidated net loss for the June quarter. The company's consolidated net loss narrowed to ₹791 crore from ₹1,197 crore in the corresponding quarter a year earlier. Its revenue and operating performance were in line with market expectations.
Torrent Pharmaceuticals reported a net profit of ₹566 crore for the June quarter, up 3.3% from the corresponding period last year. The company's revenue from operations increased 54.8% year-on-year to ₹4,921 crore.
Tata Steel reported a consolidated net profit of ₹2,318.4 crore for the June quarter, an increase of 11.6% compared with the year-ago period.
Mazagon Dock Shipbuilders reported a net profit of ₹549.4 crore, up 21.5% year-on-year. Revenue from operations rose 12.1% to ₹2,943 crore.
Astra Microwave Products received an order worth more than ₹2,205 crore from Hindustan Aeronautics Limited (HAL). The order is for the supply of advanced airborne active array units and interface frames under the Uttam Radar Programme.
Navin Fluorine International signed an agreement with the Defence Research and Development Organisation (DRDO) for the large-scale production of sodium borohydride. The initiative is aimed at promoting indigenous production of a key defence material.
Global market sentiment remained positive. On Thursday, Wall Street advanced, supported by gains in major technology companies, including Microsoft, and increased confidence in artificial intelligence-related investments. The Nasdaq Composite closed 2.78% higher, while the Dow Jones Industrial Average gained 1.19% and the S&P 500 rose 1.66%. Asian markets also traded with a positive bias, with South Korean equities rebounding after recent declines.
