(Reuters) Indian shares are set to open higher on Wednesday amid caution in global markets ahead of key macroeconomic data from the U.S. and corporate earnings for top domestic firms.
India's NSE stock futures listed on the Singapore exchange were up 0.19% at 18,345, as of 8:18 a.m. IST.
Wall Street equities declined ahead of U.S. consumer prices data and on disappointing forecasts from several companies. Investors are awaiting the inflation data for potential cues into the future rate-hike trajectory of the U.S. Federal Reserve. Asian markets were subdued.
Indian shares were little changed on Tuesday amid a slew of earnings. The benchmark Nifty 50 has risen over 5% in the 2024 fiscal so far, aided by a relatively stable results season.
"The earnings season has been decent with 77% of the companies in our coverage either meeting or exceeding profit expectations," analysts at Motilal Oswal said in a note. The brokerage identified financials and autos as top sectoral performers in the March-quarter season.
Larsen & Toubro Ltd, Dr Reddy's Laboratories Ltd, Bosch Ltd, Godrej Consumer Products Ltd, Cera Sanitaryware Ltd, and Escorts Kubota Ltd are among the companies reporting their quarterly earnings on Wednesday.
Meanwhile, foreign institutional investors extended their buying streak in Indian equities for the ninth session in a row on Tuesday, adding equities worth 19.42 billion rupees ($237.5 million).
Stocks to watch
Nazara Technologies Ltd: Co reports rise in consolidated net profit in March quarter.
SRF Ltd: Co posts fall in March-quarter profit, increases capex to set up an aluminium foil manufacturing facility to 5.30 bln rupees from 4.25 bln rupees.
Apollo Tyres Ltd: Co reports rise in consolidated profit in Q4; recommends final dividend of 4 rupees per share.
Greaves Cotton Ltd: Co enters definitive agreement for acquisition of Excel Controlinkage.