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. [MKTS/GLOB]
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. [O/R]
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.
STOCKS TO WATCH
** Swiggy's quarterly loss narrowed in the first quarter and a key profitability metric at its quick-delivery platform Instamart improved, while it plans to add more distribution hubs to drive growth
** Tata Steel reported better-than-expected first-quarter profit, as firm domestic steel prices and steady India volumes outweighed pressure from higher coking coal costs
** AWL Agri Business posted a 48.2% jump in quarterly profit on strong demand for its food and cooking oil products
($1 = 95.6800 Indian rupees)
