Indian equity markets are to open higher on Wednesday, supported by firm global cues, gains in Gift Nifty, and strength across US and Asian markets.
Early trade in Gift Nifty indicated a positive start for domestic equities, with the index rising around 186 points to 24,295.50, reflecting a gain of nearly 0.77%.
US markets closed higher on Tuesday, with both the S&P 500 and Nasdaq Composite ending at record highs. Technology and artificial intelligence-linked stocks led the gains, with Intel among the key contributors to the rally.
Investor sentiment also improved after reports indicated that the ceasefire between the United States and Iran remained in place, easing concerns over geopolitical tensions. Concerns related to the Strait of Hormuz also moderated, supporting global market sentiment.
Asian markets traded higher, while futures markets in Japan, Australia and Europe also reflected strength, indicating improved global risk appetite.
Oil prices edged lower, a development considered positive for import-dependent economies such as India as it may help ease inflationary pressures.
Several companies are scheduled to announce quarterly earnings during the day, including Bajaj Auto, Brigade Enterprises, Blue Star, Godrej Consumer Products, Hexaware Technologies, One 97 Communications, Shree Cement, Radico Khaitan and Raymond Lifestyle. Their results are expected to influence sector-specific market movement.
Among earnings updates, Coforge reported net profit of Rs 612 crore, up 145% from a year earlier, while revenue also increased. Ajanta Pharma posted an 18.7% rise in net profit to Rs 267 crore, alongside growth in revenue.
Larsen & Toubro reported net profit growth of more than 53% to Rs 3,737 crore and announced a dividend of Rs 38 per share.
Mahindra & Mahindra reported a marginal decline in net profit to Rs 5,326 crore, while revenue registered b growth.
Following its merger with Coforge, Cigniti Technologies no longer exists as an independent entity, and the impact on its shares will depend on the swap structure.
Vikran Engineering formed a new subsidiary as part of its expansion into the renewable energy sector.
KEC International secured new orders worth Rs 1,002 crore, strengthening its order book and revenue outlook.
