Indian shares set to open higher on hopes of US debt ceiling deal
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Indian shares are expected to open higher on Friday amid optimism that the United States could soon reach a debt ceiling deal to avoid a default, while foreign investors continued to buy domestic equities.
India's NSE stock futures listed on the Singapore exchange were up 0.17% at 18,209, as of 8:08 a.m. IST.
Overnight, U.S. stocks rallied on an upbeat sales outlook from Walmart Inc, and as data on jobless claims calmed recession fears. [MKTS/GLOB]
At home, the Nifty 50 extended losses to a third straight session on Thursday, due to some profit booking after a recent rise. The benchmark has gained 4.44% in FY2024 so far, buoyed by a stable earnings season and sustained foreign buying in domestic equities.
The Nifty 50 has declined 1% for the week so far, and if the trend holds, this would be its first weekly loss in four.
Analysts expect the benchmark, which settled at 18,129.95 points in the previous session, to find support at 18,050 and resistance at 18,350 levels.
Meanwhile, foreign institutional investors (FIIs) extended their buying streak for the sixteenth session, adding 9.70 billion rupees worth of shares, the longest daily purchasing streak since December 2020.
Investors will also await quarterly results of companies including JSW Steel Ltd, Power Grid Corporation of India and food delivery firm Zomato Ltd later in the day.
Stocks to Watch:
** United Spirits Ltd: Co, which makes the Johnny Walker brand of whiskey, reported a 7.3% rise in fourth-quarter profit on Tuesday helped by narrowing costs that more than offset slowing demand.
** Interglobe Aviation Ltd: The operator of IndiGo, India's biggest airline, aims to double its capacity by the end of the decade, its chief executive officer told analysts on Thursday.
** Bata India Ltd: The footwear maker reported a better-than-expected quarterly profit on Thursday as raw material costs softened and demand for brands such as Hush Puppies and Comfit rose.
** Container Corporation of India Ltd: The state-owned co reported a 7.7% rise in its fourth-quarter profit on Thursday, as robust domestic demand outpaced an increase in costs.
