BENGALURU: Indian shares are set to open higher on Monday, as soft US jobs data has boosted hopes of a Federal Reserve rate cut in September.
The GIFT Nifty was at 24,389 as of 8:08 a.m. IST, indicating the NSE Nifty 50 will open above its Friday’s close of 24,323.85.
India’s Nifty 50 and S&P BSE Sensex have logged gains in all of the last five weeks, their longest weekly winning streak in 2024.
Asian markets opened higher. Recent soft US inflation and labour market data hint at a cooling economy, which could allow the Fed to cut interest rates.
The odds of a 25 basis point rate cut in September stood at 70.8% compared with 57.9% a week ago, according to the CME FedWatch tool.
In India, stock-specific reaction to quarterly updates will influence the market trajectory before company earnings start trickling in later this week, according to two analysts.
Street reaction to key index constituents like Titan Company, Tata Steel, IndusInd Bank and non-index companies like Marico and Dabur will be in focus, after their quarterly updates.
India’s Nifty 50 posts record close, longest weekly rally of 2024
Tata Motors will also be keenly watched after posting a 5% year-on-year growth in JLR factory-level sales in the June quarter.
Domestic investors sold Indian shares worth 16.51 billion rupees (about $198 million) on a net basis on Friday, while foreign investors net bought stocks worth 12.41 billion rupees, per exchange data.
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