Indian shares seen opening higher on global cues, foreign buying

Indian shares were expected to open higher on Friday, supported by a rebound in Asian markets and renewed foreign buying that improved sentiment towards domestic ​equities.

GIFT Nifty futures were at 24,420.5 as of 7:53 a.m. IST, indicating ‌the benchmark Nifty 50 could open above Thursday’s close of 24,317.15.

The Nifty 50 and the Sensex are both up 1.9% in July and are on track for a second straight monthly ​gain, a first so far this year.

Asian markets rallied hard with Wall ​Street on Friday as South Korea’s battered market made a record comeback, ⁠stirring hopes that the recent selloff in AI-linked assets may be running out ​of steam.

Wall Street’s gains were aided by Microsoft’s more than 15% jump after the technology ​giant gave a stellar forecast that eased fears about massive spending on AI infrastructure.

“Stronger-than-expected guidance from Microsoft reignited investor optimism towards technology stocks, fuelling renewed buying across the sector and providing a ​supportive backdrop for global equities,” said Ponmudi R, chief executive officer at Enrich ​Money.

Foreign investors bought Indian shares worth 36.24 billion rupees ($378.76 million) on Thursday, as per provisional data. ‌They ⁠have pumped $864 million into Indian equities in the last two days and $1.6 billion so far in July.

Brent crude fell 0.9% on Friday as traders assessed Saudi Arabia’s plan to lead a 14-nation maritime coalition aimed at strengthening defence cooperation in the ​Red Sea.

Lower oil prices ​are positive for ⁠the world’s third-biggest crude importer as they can ease inflation, reduce pressure on public finances and support company profit margins.