BENGALURU: Indian shares are set to open higher on Monday, tracking upbeat sentiment in Asian peers, after softer-than-expected US jobs data renewed bets that the Federal Reserve would likely ease rates this year.
The GIFT Nifty was trading at 22,678.50, indicating that the NSE Nifty 50 will open above its Friday’s close of 22,475.85.
Asian markets opened higher, riding on the gains in Wall Street on Friday after a US jobs data came in softer than anticipated, easing worries of a prolonged high interest rate regime.
Higher US interest rates make stock market investments in emerging markets such as India unattractive for foreign investors as higher US bond yields offer safety over riskier assets.
Indian shares fall on profit taking after Nifty 50 scales record high
Global risk sentiment rebounded, primarily due to weaker-than-expected April US job data, OCBC analysts said in a note.
Street reaction to the results of Indian jeweller Titan Company, which missed its March-quarter profit view on higher discounts and gold prices, will be in focus.
Also on investors’ radar, shares of Britannia Industries after the biscuit maker beat fourth-quarter profit estimate post market hours on Friday.
Investors will be eyeing earnings of benchmark constituents slated this week such as Tata Motors, Asian Paints, construction giant Larsen and Toubro, drugmakers Cipla and Dr. Reddy’s Labs.
Foreign institutional investors sold Indian shares worth 23.92 billion rupees ($286.74 million) on Friday, while domestic institutional investors bought shares worth 6.91 billion rupees on a net basis, according to provisional data of the National Stock Exchange.
Comments
Comments are closed for this article.