India’s benchmark indexes are likely to open marginally higher on Monday, with analysts anticipating incremental moves on the blue-chips ahead of the quarterly results season starting later this week.
The GIFT Nifty futures were trading at 24,135 as of 7:44 a.m. IST, indicating that the benchmark Nifty 50 would open slightly above Friday’s close of 24,004.75.
Both the Nifty and BSE Sensex declined on Friday, dragged by financials and IT stocks, but logged weekly gains as auto stocks shined on upbeat monthly sales data.
Auto leads Indian shares to 2nd consecutive weekly rise
The December-quarter results season, starting with the country’s top IT services company Tata Consultancy Services on Jan. 9 will provide a clear directionality to the benchmark indexes in the near term, analysts said.
The benchmarks rose about 8.5% in 2024, the least among major global peers, weighed by a slowdown in corporate earnings in the September quarter and an exodus of foreign funds.
Foreign portfolio investors net sold Indian shares worth 42.27 billion rupees ($493 million) on Friday, while domestic institutional investors net bought shares worth 8.21 billion rupees.
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