Indian shares are expected to open with big gains on back of positive global cues. Record closing in the US, bullish Asian peers and better than estimated inflation data released on Monday are likely to provide positive support to the market. The Nifty futures in Singapore are up by 140 points also indicate a strong opening when the trading resumes in India.
On Monday, the Sensex opened higher and at one point of time was up by 314 points. However, sudden selling pressure wiped off all gains. At the close, it ended at 52,372.69, down by 13.50 points. The Nifty after recording an intra-day high of 15,789 closed at 15,692 with a gain of just 2.80 points.
However, it needs to be seen whether the benchmarks are able to hold-on their gains or ends flat, like the previous sessions. The domestic as well as foreign institutions were net sellers in the market on Monday. In fact, foreign institutions are booking profits in the Indian market. In the month of July so far, they have sold shares worth Rs5,002 crore compared to net buying by domestic funds to the tu of Rs2,350 crore
On Tuesday, Mindtree, Tata Metaliks, Deccan Health Care, Shree Ganesh Remedies and WS Industries are among eight companies that will release quarterly earnings.