BENGALURU (Reuters) – Indian shares are set to open at record highs on Thursday, likely extending a five-session rally on sustained hopes of higher foreign inflows.
The GIFT Nifty was at 26,048.5 points, as of 7:50 a.m. IST, indicating that the NSE Nifty 50 will open higher than Wednesday’s close of 26,004.15.
Indian equities have scaled fresh-highs in each of the five sessions since the U.S. Federal Reserve’s big rate cut last Wednesday, which has boosted hopes of foreign inflows to emerging markets such as India.
The Nifty 50 has gained 2.5% in those five sessions, but the magnitude of the increase has been declining, with the index’s all-time high on Wednesday coming only during a surge towards the close.
The sentiment is likely to remain positive and no reversal in the momentum is visible, said Rupak De, senior technical analyst at LKP Securities.
Asian markets opened higher on the day, with the MSCI Asia ex-Japan index gaining 0.4%. Wall Street closed lower overnight, pulling back from recent record highs. [MKTS/GLOB]
STOCKS TO WATCH:
* Tata Motors: The company’s Jaguar Land Rover division said it will invest 500 million pounds ($666.6 million) to support the parallel production of EVs at its Halewood facility as part of its electrification strategy.
* Hindustan Copper: The company said it is considering selling all of its assets in the Copper Ore Tailing (COT) Beneficiation Plant.
* Aarti Drugs: The company received seven observations by the U.S. FDA, post an inspection at its facility.
($1 = 0.7501 pounds)
(Reporting by Manvi Pant in Bengaluru; Editing by Sonia Cheema)
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