BENGALURU: Indian shares are set to open higher on Thursday, tracking a rebound in Asian and US peers after hotter-than-expected US inflation dragged them down in the previous session.
India’s GIFT Nifty was trading at 21,987.50 as of 7:56 a.m. IST, indicating that the NSE Nifty 50 will open above Wednesday’s close of 21,840.05.
Domestic blue-chip indexes Nifty 50 and BSE Sensex recovered from a negative start on Wednesday to close with gains of about 0.5% each, supported by state-owned banks and a sustained post-results rally in energy stocks.
“(Indian) markets have shown tremendous resilience amid weak global cues,” said Ajit Mishra, senior vice president of technical research at Religare Broking, referring to the bounceback on Wednesday.
The consolidation of benchmark indexes near current levels might continue in the near future, Mishra added.
Indian shares recover from weak start
In contrast to Indian equities, other Asian markets fell in the previous session after hot US inflation data reignited rate worries.
They opened higher on Thursday. Wall Street equities closed higher overnight.
Foreign institutional investors sold Indian shares worth 39.30 billion rupees ($473 million) on a net basis on Wednesday, while domestic institutional investors bought stocks worth 28.98 billion rupees.
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