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The domestic share markets traded higher with BSE Sensex rising more than 250 points in the morning deals on Monday on the onset first-quarter corporate earnings for the financial year 2018-2019.  Among the major companies which are scheduled to announce the Q1 report card in the current week, India’s largest IT company TCS (Tata Consultancy Services) is all set to declare the financial results for the April-June period of FY19 on Tuesday, 10 July 2018. Other major companies which are also scheduled to announce Q1 FY19 results include IndusInd Bank (10 July), Andhra Bank (10 July), Infosys (13 July).

The benchmark Sensex index surged as much as 273.23 points to a day’s high of 35,931.09 on Monday, just 69 points short of touching the psychological mark of 36,000. This is the highest level for BSE Sensex in the last two months. Earlier on 15 May 2018, the 30-share barometer Sensex marked an intraday high of 35,993.53.

5 reasons why Sensex moved closer to 36,000 today

Rupee: Heavy recovery vs USD

The Indian rupee posted a sharp recovery on Monday against the US dollar on the foreign exchange market. The rupee added back as much as 40 paise per unit US dollar on the interbank foreign exchange market. The rupee to US dollar exchange rate today was quoted at 68.4875, up by 40 paise from Friday’s closing of 68.8775 apiece US dollar, Bloomberg data showed.

Firm Asian markets

Most of the Asian stock markets spiked in the early trading on Monday following the upbeat US jobs data. “The combination of rising employment and increased labour force participation suggests healthy but not tightening labour market conditions in June, something that will allow the Fed to continue to hike rates at a gradual pace,” Reuters said in a report citing Kevin Cummins, a senior US Economist at RBS.

FPIs influx

Foreign investors have infused more than Rs 3,100 crore in the domestic capital markets in first five trading days of July following a net sell-off in the April-June quarter of FY19. According to the latest data available with depositories, FPIs have bought Rs 2,235 crore worth of equities and have pumped in Rs 892 crore in debt securities. Earlier on Friday last week, FPIs pulled off Rs 968.18 crore from equity markets.

Positive Wall Street

US stocks climbed on Friday, with the S&P 500 and the Nasdaq hitting their highest levels in two weeks, as strong US jobs growth blunted the impact of an escalating US-China trade dispute, Reuters reported. The Dow Jones Industrial Average rose 0.41% to 24,456.48, the S&P 500 gained 0.85% to 2,759.82 and the Nasdaq Composite added 1.34% to 7,688.39. For the week, the Dow increased 0.7%, the S&P 500 rose 1.5%, and the Nasdaq gained 2.4%, the report added.

Q1 earnings optimism

After the mixed-bag earnings for the fourth quarter of the financial year 2017-2018 with a rout in PSU banks, telecom companies and some of the private lenders, market participants might be anticipating for a revival in the Q1 statements. Later in July 2018, major companies which are due with their respective Q1 results include HUL, Zee Entertainment Enterprises, Rallis India, ICICI Lombard General Insurance, Federal Bank, Bandhan Bank, Mindtree, Bajaj Finserv, RBL Bank, Kotak Mahindra Bank, Bajaj Finance, Bajaj Auto, HDFC Standard Life, Havells, HDFC Bank, ICICI Prudential Life, ICICI Securities, L&T Infotech, L&T Technology Services, GSK Pharma, JSW Steel, Hero MotoCorp, Yes Bank, Dr Reddy’s, Biocon, M&M Financial Services, ICICI Bank, Tech Mahindra, IDFC, IDFC Bank, HDFC, Dabur India.

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