Indian stocks set for higher open on signs of revival in foreign inflows
Indian equity benchmarks are set to open higher on Tuesday, supported by signs of a turnaround in foreign fund flows as a trade deal with the United States continues to boost market sentiment.
The Gift Nifty futures were trading at 25,993.5 points, as of 7:39 a.m. IST, indicating the benchmark Nifty 50 will open above Monday's close of 25,867.3.
The Nifty 50 ended 0.7% higher on Monday, extending a weekly gain of 1.5%, its best performance in three months, after New Delhi and Washington announced a long-awaited trade deal earlier this month.
The two countries on Friday unveiled an interim trade framework that would lower tariffs, reshape energy ties and deepen economic cooperation as both countries seek to realign global supply chains.
Foreign investors purchased Indian shares worth 22.55 billion rupees ($248.58 million) on Monday, as per provisional data. They have infused $1.3 billion towards Indian equities so far in February, following three consecutive months of selling.
Meanwhile, global sentiments remained positive after Japanese Prime Minister Sanae Takaichi's decisive election victory over the weekend.
MSCI's broadest index for Asia Pacific stocks outside Japan rose 0.9%, while Japanese stocks soared 2.5% to a record high. [MKTS/GLOB]
STOCKS TO WATCH
** Drugmaker Aurobindo Pharma reports a 7.6% rise in third-quarter profit, helped by steady domestic demand, especially for its anti-retroviral drugs for HIV infections
** Footwear chain Bata India posts a 13% rise in quarterly profit, driven by festive demand and consumption tax cuts by the government
** Exchange operator BSE profit jumps 174%, while revenue grows 62% for the quarter ended December
($1 = 90.7170 Indian rupees)
