(Corrects spelling of India in paragraph 1)
(Reuters) – India’s benchmark indexes are set to open little changed on Friday, as investors weigh expectations of a healthy domestic corporate earnings season and prospects of slower U.S interest rate cuts.
The GIFT Nifty futures were trading at 24,204 as of 7:52 a.m. IST, indicating that the benchmark Nifty 50 would open near Thursday’s close of 24,188.65.
The Nifty 50 and BSE Sensex logged their best session since Nov. 22, 2024 on Thursday, led by financials and autos on expectations of a pickup in corporate earnings, while Infosys and HCLTech propped up gains after a brokerage forecast a hike in their revenue growth projections.
Other Asian markets opened marginally higher while Wall Street equities closed lower overnight.
The U.S. dollar hit a two-year high after economic data indicated the U.S. labour market remained on solid ground, aiding expectations that the Fed could continue on a slower interest rate-cut path. [MKTS/GLOB]
The Fed projected two rate cuts in 2025 in its latest policy meeting last month, down from expectations of four rate cuts earlier.
Markets currently expect an 88.2% chance of a pause in January, as per the CME FedWatch Tool. Higher U.S. rates would make emerging markets such as India less attractive for foreign investors.
Foreign institutional investors turned net buyers of Indian stocks on Thursday, snapping a 12-session selling streak, while domestic institutional investors bought domestic equities on a net basis for 12th session in a row.
STOCKS TO WATCH
** NHPC gets 2.50 billion rupees as the second installment of gross payment under a mega insurance policy
** India’s drug regulator approves oral antibiotic of Wockhardt, used for the treatment of bacterial pneumonia
** MOIL posts 13% rise in sales in December quarter
** RITES wins order worth 697.8 million rupees ($8.13 million) from Steel Authority of India
($1 = 85.8000 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.