BENGALURU: Indian shares are set to open lower on Friday, tracking a slide in global peers, on data hinting at a slowdown in the US economy as investors awaited domestic retail inflation data.
India’s NSE stock futures listed on the Singapore exchange were down 0.39% at 18,278, as of 8:06 a.m. IST.
Investors await domestic retail inflation data for April, scheduled to be released at 5:30 p.m. IST.
India’s consumer inflation likely cooled to an 18-month low of 4.80% in April, according to a Reuters poll of economists.
The Reserve Bank of India opted for a surprise pause on the repo rate in April after six consecutive hikes to evaluate the delayed impact of previous hikes on growth and inflation.
Most Wall Street equities closed lower after weekly jobless claims jumped to 1-1/2-year high and producer prices rebounded slower than expected in April, signalling a slowdown in the US economy and heightening odds of a halt to further rate hikes.
Asian markets were subdued. Despite mixed global cues through the week, the Nifty 50 has risen 1.26% amid a slew of corporate earnings and persistent foreign buying in domestic equities.
Foreign institutional investors extended their buying streak in Indian equities for the eleventh session in a row on Thursday, adding 8.37 billion rupees ($102.4 million) of shares.
Indian shares edge higher amid earnings rush; eye on key US data
FIIs have purchased nearly 185 billion rupees of Indian shares over the period, according to provisional data from the National Stock Exchange.
Tata Motors Ltd, Cipla Ltd, Vedanta Ltd, DLF Ltd and Hindustan Petroleum Corporation Ltd are among the major corporates reporting their quarterly earnings on Friday.
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