India's GIFT Nifty was up 0.02% at 19,814.50 as of 8:00 a.m. IST compared to its overnight close, indicating that the Nifty 50 will open above Monday's close of 19,731.75.
Wall Street equities closed higher overnight as investors embarked upon the first full week of earnings while keeping a close eye on the Israel-Hamas conflict. Asian markets opened higher. [MKTS/GLOB]
Brent crude futures steadied below $90 per barrel in Asia hours on hopes that the U.S. would ease sanctions on Venezuela. Lower oil prices are a positive for net importers of the commodity, like India. [O/R]
Financial services stocks will be focus after the results of HDFC Bank and Jio Financial Services on Monday.
India's top private lender reported a sharp sequential drop in lending margin and higher bad loans for the second quarter as it reported its first results as a single company since the merger with parent Housing Development Finance Corp (HDFC).
Newly-listed Jio Financial Services posted a doubling in sequential net profit.
Analysts said that results, festive demand and geopolitical concerns in the Middle East will be key triggers for domestic equities in the near term.
Foreign institutional investors (FIIs) sold Indian shares worth 5.94 billion rupees on a net basis on Monday. Domestic investors bought shares worth 11.84 billion rupees.
STOCKS TO WATCH:
** Gujarat Mineral Development Corporation: Co presents a 2.69 billion rupees dividend cheque to the Gujarat government, which holds 74% stake in the company.
** KEC International: Co secures new orders worth 13.15 billion rupees.
** Coal India: Co says supplies to thermal power plants rose about 6% during first fortnight of October.
** Tata Power: Co signs power distribution agreement with Endurance Technologies to set up a 12.5 Mega Watt solar plant.
** Major earnings on Tuesday: Bajaj Finance, L&T Technology Services, Tata Elxsi, CIE Automotive India, ICICI Prudential Life Insurance.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K)
