Very strong global cues overnight. Dow Jones ended 366 points up, posting its seventh-straight day of gains, which is its longest winning streak since 2021.
The second quarter earnings in the US are off to a great start. Of the 38 companies in the S&P 500 that have reported results, 82 percent have exceeded expectations. Microsoft shares rallied to an all-time high after the company announced the pricing for its new AI subscription service.
We saw large foreign buying in cash market yesterday, Foreign institutional investors (FIIs) bought over Rs 2,115 crore in cash yesterday. Also, FIIs have bought over Rs 15,000 crore in cash this month, so far.
In stock specific action, IndusInd Bank reported a very strong set of earnings.
It reported NII growth of 18 percent, 21 percent loan growth and Net interest margin came in at an eight-year high,
The big earnings this week include HUL, Infosys on Thursday, July 20, Reliance Industries on Friday, July 21 and ICICI Bank on Saturday, July 22.