Indian shares on track for muted start as earnings, Mideast in focus
Indian shares are expected to open steady on Friday as investors track developments in the Middle East, while quarterly earnings are likely to drive stock-specific moves.
GIFT Nifty futures were at 24,653 points, as of 7:50 a.m. IST, indicating a muted start for the Nifty 50, which closed at 24,636 on Thursday.
Brent crude futures rose for a third consecutive session, climbing above $83 a barrel on concerns over shipping through the Strait of Hormuz after Iran, working with Oman, proposed restrictions on vessels deemed hostile. [O/R]
Higher oil prices are negative for India, which imports a bulk of its crude requirements.
The Nifty 50 and BSE Sensex indexes have gained more than 1% each this week, setting the stage for a second consecutive weekly climb.
Foreign investors have bought a net $1.3 billion of Indian shares so far in August, adding to the $2.1 billion purchases from July, according to data from National Securities Depository.
Earnings will remain in focus, with State Bank of India, the largest lender in the country, jeweller Titan Company, and aluminium maker Hindalco due to report quarterly results later in the day.
STOCKS TO WATCH
** Britannia Industries reports first-quarter profit below market expectations, as higher fuel and shipping costs linked to the Middle East conflict overshadowed stronger demand for its packaged foods.
** Life Insurance Corporation of India posts 23% increase in first-quarter profit, helped by strong group business and margin expansion from a greater focus on more profitable products, despite heightened competition.
** Apollo Tyres posts a nearly 9% increase in first-quarter profit before tax and exceptional items, helped by strong demand in Asia-Pacific, the Middle East and Africa markets and higher prices.
