Indian shares set to open lower as investors eye US jobs data
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Indian shares are set to open marginally lower on Friday, on caution ahead of a key U.S. jobs report, which could influence the Federal Reserve's rate decision later this month.
India's GIFT Nifty on the NSE International Exchange was down 0.20% at 19,390 at 8:18 a.m. IST.
Wall Street equities were mixed overnight after the personal consumption expenditures (PCE) price index, the Fed's preferred measure of inflation met expectations, easing rate concerns. Investors now await the non-farm payrolls report, due later in the day.
A rise in unemployment would mean that the U.S. central bank's efforts to tame inflation resulted in cooling down the labour market, allowing Fed to pause rate hikes at September policy meeting. Asian markets were subdued on weak economic data from China. [MKTS/GLOB]
India's gross domestic product (GDP) expanded 7.8% on an annual basis in the June quarter, the fastest in a year on strong services activity and robust demand, official data showed post-market hours on Thursday. However economists warned that dry weather conditions could weigh on growth in the coming quarters.
Benchmarks Nifty 50 and Sensex snapped a five-month winning streak in August, dragged by a slide in financials and consumer stocks as well as a moderation in foreign inflows.
The blue-chips are marginally down for the week so far after logging five straight weekly losses.
If losses hold, it will be the longest weekly losing streak since April 2020.
Foreign institutional investors sold shares worth 29.73 billion rupees ($359.49 million) on a net basis on Thursday, while domestic institutional investors bought shares worth 43.83 billion rupees, according to stock exchange data.
STOCKS TO WATCH:
** Reliance Industries: Co's broadcasting unit Viacom18 won rights to televise and live stream Indian cricket team's bilateral matches for $721.41 million.
** Vedanta: Co lobbied to weak key environmental regulations during COVID-19 pandemic, reported Organised Crime and Corruption Reporting Project.
** Torrent Pharma, Cipla: Drug maker Torrent Pharma has likely submitted a non-binding bid to buy stake of promoters of Cipla, according to a CNBC-TV18 report.
** Sula Vineyards: HDFC Mutual Fund, Societe Generale, Morgan Stanley Asia Singapore, Ghisallo Master Fund buy 7.06% stake in the winemaker after foreign investor Verlinvest Asia sold 12.56% stake.
($1 = 82.7016 Indian rupees)
