Indian shares set for muted start in consolidation after recent gains
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. [MKTS/GLOB]
STOCKS TO WATCH
** LG Electronics India reports a near 62% drop in third-quarter profit, hit by weaker demand in its home appliances and air solutions business as cooler weather hurt sales of cooling products
** India's largest eyewear retailer Lenskart Solutions' quarterly profit jumps multi-fold, as demand growth for its prescription eyeglasses outpaces a rise in costs
** Yatra Online posts 9.6% rise in December-quarter revenue as air travel expands
($1 = 90.7300 Indian rupees)
