Reuters Market Eye - January futures contract on India's 50-stock index breached 6,100 level earlier in the day as the Nifty rose, led by gains in Reliance Industries (RELI.NS).
This marked the first time a near-month index futures contract rose over 6,100 level since January 6, 2011.
The premium over spot index expanded to 15 points compared with 10 points on Friday, which dealers attribute to confidence in the earnings season.
Among heavyweight stocks -- Reliance, ITC (ITC.N), Infosys (INFY.NS), Tata Consultancy Service (TCS.NS) have beaten their earnings estimates for the December quarter.
Blue chip earnings this week include Hindustan Unilever (HLL.NS) on Tuesday, Larsen & Toubro (LART.NS) on Thursday and Maruti Suzuki (MRTI.NS) on Friday.
(Reporting by Abhishek Vishnoi)
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With the crucial GDP data scheduled to be announced along with key corporate results, volatility is expected to prevail in the upcoming week. Disappointment on these fronts may push the Nifty down to the 7,200-7,500 range. Once we witness stability and consolidation, investors should increase their exposure, says Ambareesh Baliga. Full article