Indian shares set for muted start in consolidation after recent gains
- The Gift Nifty futures were trading at 25,977.5 points
India’s equity benchmarks are likely to open little changed on Thursday, consolidating their recent gains after a trade deal with the United States, while investors look ahead to a busy earnings day.
The Gift Nifty futures were trading at 25,977.5 points, as of 7:44 a.m. IST, indicating the benchmark Nifty 50 will open above Wednesday’s close of 25,953.85.
The Nifty 50 and Sensex are up about 2.5% this month as the long-awaited trade deal with the U.S. buoyed investor sentiment.
The benchmarks are about 2% away from their record highs.
Foreign investors net bought Indian shares worth 9.44 billion rupees ($104.04 million) on Wednesday, in their fourth consecutive session of buying, according to provisional data.
They have infused $1.7 billion in February, following three months of outflows.
Quarterly earnings will be in focus on the day, as FMCG major Hindustan Unilever, aluminium maker Hindalco , pharma company Biocon, Coal India, and ONGC will announce their results.
Asian stocks rose to a record high on Thursday, while a stronger-than-expected U.S. jobs data buoyed the dollar.
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