Nifty Bounces Back to Beat All of Asia on Foreign Flows, Earnings

Nifty Bounces Back to Beat All of Asia on Foreign Flows, Earnings Good morning... I’m Samie Modak in Mumbai, where stock bulls are tightening their grip. As investors worldwide assess what the Democratic sweep in the US midterm elections means for global markets, Indian stocks are starting to look like a major turnaround story. The NSE Nifty 50 Index is the sole gainer among equity benchmarks in Asia’s five biggest markets so far this quarter. A combination of improving earnings, falling oil prices, tax cut hopes and a selloff in other tech-dominated markets is luring foreign investors back, as we show below. The Nifty rose for a fifth straight session on Wednesday, capping its longest winning streak since June. A string of notable earnings due today — including from Bharti Airtel, LIC, Mahindra & Mahindra, ONGC and Titan — may prove to be the next test of whether the turnaround has legs. Sentiment for Indian assets will likely be supported by another sharp drop in oil prices. Brent has pushed lower after tumbling more than 8% in the previous session as investors bet that a Democratic sweep in the US midterms could accelerate efforts to end the war in the Middle East. US Vice President JD Vance said voter frustration over the war in Iran and the US-Israel relationship doomed Republicans in the elections.