Indian equity markets are indicating a positive opening on Tuesday, with Gift Nifty trading 23 points, or 0.10%, higher at 23,640.50 at 8 a.m., signalling a potentially firm start for domestic equities.
Gift Nifty was trading around the 23,640 level in early trade, indicating that Indian markets could open in positive territory. However, analysts said gains may remain limited amid multiple domestic and global factors affecting market sentiment.
Several challenges continue to weigh on the Indian equity market. Crude oil prices remain elevated at $106 per barrel, while the rupee has weakened to around 96.2 against the US dollar. Bond yields have continued to rise, and concerns over higher domestic inflation persist. These factors are expected to maintain market volatility and keep investors cautious.
Several companies are scheduled to announce their fourth-quarter (Q4) earnings on Tuesday, including Bharat Electronics, Zydus Lifesciences, Bharat Petroleum Corporation, Mankind Pharma, PI Industries, PNC Infratech and Zee Entertainment Enterprises. Their earnings are expected to influence market direction.
Puravankara reported a profit of ₹110 crore, compared with a loss in the corresponding period last year. The company also recorded an increase in revenue.
Afcons Infrastructure reported a loss during the quarter, while revenue declined.
JK Paper reported growth in both profit and revenue during the quarter.
DOMS Industries reported growth in profit and sales during the quarter.
Gujarat Narmada Valley Fertilizers and Chemicals reported an increase in profit during the quarter.
Indraprastha Gas reported a decline in profit, while revenue registered a marginal increase.
Eicher Motors said its subsidiary, Royal Enfield, plans to establish a new greenfield manufacturing facility in Andhra Pradesh with an investment of about ₹2,500 crore to expand capacity.
Vascon Engineers secured a ₹131 crore contract from Reliance Industries for a project in Jamnagar.
JSW Steel witnessed a block deal in which GQG Partners and SBI Mutual Fund purchased shares worth thousands of crores.
Analysts said the market may remain range-bound after an initial uptick. Global cues, crude oil prices and rupee weakness may weigh on gains, while Q4 earnings and stock-specific buying could support sentiment.
