Indian shares seen rising on oil slide; IT in focus after TCS results
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Indian shares are set to open marginally higher on Thursday, tracking global markets on moderating oil prices, with information technology (IT) stocks in focus after the results of Tata Consultancy Services.
India's GIFT Nifty was up 0.11% at 19,851 as of 8:12 a.m. IST, indicating that the Nifty 50 will open higher from Wednesday's close of 19,811.35.
IT stocks will be in focus after TCS, India's top IT firm, reported weaker-than-expected second-quarter revenue and flagged weakness in client spending. TCS also approved a share buyback worth 170 billion rupees ($2.04 billion).
Other top IT companies Infosys and HCLTech will report their results on Thursday.
Domestic investors also await India's September inflation data, due post market hours. Retail inflation likely eased to 5.50%, within the Reserve Bank of India's tolerance band, according to a Reuters poll.
Wall Street equities extended gains on Wednesday as data showed U.S. producer prices increased more than expected in September but underlying inflationary pressures continued to moderate.
Investors also await the U.S. September retail inflation data, scheduled on Thursday, which will influence the upcoming Federal Reserve policy on November 1. Asian markets opened higher.
Oil prices extended losses after a top OPEC producer Saudi Arabia pledged to stabilise the market, following a spike due to the military conflict in the Middle East.
Brent crude futures, which had jumped to $89 per barrel on Monday, eased to $85.50 in Asia hours. Fall in crude prices is positive for importers of the commodity, like India.
Foreign institutional investors (FIIs) extended their selling streak for the 16th consecutive session on Wednesday, offloading Indian shares worth a net 4.22 billion rupees ($50.7 million).
STOCKS TO WATCH:
** Delta Corp: Casino operator posts marginal rise in September quarter profit, helped by a fall in tax expenses.
** IndusInd Bank: RBI approves SBI Mutual Fund to buy up to 9.99% stake in the private lender.
** Rail Vikas Nigam: Co emerges as the lowest bidder for a project worth 287.4 million rupees from Northeast Frontier Railway.
** Cipla: Drug maker gets Establishment Inspection Report (EIR) from U.S. drug regulator on classification of inspection of manufacturing facility of its unit in New York as Voluntary Action Indicated (VAI).
