India's GIFT Nifty was trading at 22,839 as of 8:06 a.m. IST, indicating that the NSE Nifty 50 will open above its Monday close of 22,666.30.
Both the Nifty 50 and S&P BSE Sensex hit all-time highs on Monday, led by a rebound in heavyweight Reliance Industries and auto stocks.
The market capitalisation of all stocks listed on BSE rose above 400 trillion rupees ($4.80 trillion) on Monday, while the total market cap of NSE-listed companies was just shy of 400 trillion rupees.
"Encouraging" updates are attracting stock-specific buying and aiding sentiment ahead of quarterly results, said Dhiraj Reli, managing director and chief executive at HDFC Securities.
"Hopes of favourable outcome from the general elections starting from April 19 and anticipation of subsequent policy continuity are keeping the momentum intact," added Reli.
Domestic institutional investors (DII) have been net buyers of Indian shares in 21 of the 25 sessions since the beginning of March, adding stocks worth 597.83 billion rupees in the period.
On Monday, DIIs bought net bought shares worth 34.71 billion rupees while foreign institutional investors net sold equities worth 6.85 billion rupees.
Asian markets crept up cautiously ahead of this week's U.S. inflation data and a crucial European Central Bank meeting. U.S. stocks were essentially unchanged at the close of a choppy session overnight. [MKTS/GLOB] [.N]
STOCKS TO WATCH:
** Tata Motors: Car makers said Jaguar Land Rover (JLR) sales rose 11% in March quarter.
** Axis Bank: Bain Capital likely to sell $429 million stake in the private lender, according to a term sheet.
** Dilip Buildcon: Company declared as the lowest bidder for a project worth 10.92 billion rupees.
** Sula Vineyards: Wine maker said it recorded double-digit percentage revenue growth in March quarter as well as financial year 2024.
($1 = 83.2500 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K)
