(Reuters) – Indian shares are set to open higher on Thursday, tracking Asian peers, after minutes from the Federal Reserve’s latest policy meeting indicated more U.S. rate cuts, which could likely trigger higher foreign inflows to emerging markets.
The Gift Nifty was trading at 25,192, as of 7:57 a.m. IST, indicating that the benchmark Nifty 50 will open above its close of 24,981.95 on Wednesday.
Other Asian markets advanced on the day, with the MSCI Asia ex-Japan index rising 1%. Wall Street equities gained overnight, with the Dow Jones Industrial Average and S&P 500 logging record closing highs.
The upbeat performances came in after minutes of Fed’s September policy meeting hinted at further rate cuts. [MKTS/GLOB]
Further rate reduction in the U.S. could lead to higher foreign inflows to markets such as India, according to analysts.
Domestically, the Reserve Bank of India eased its policy stance to “neutral” from a hawkish “withdrawal of accommodation” on Wednesday, setting the stage for rate cuts.
Analysts said the earnings season starting with India’s top information technology company Tata Consultancy Services later in the day will influence the near-term trajectory of domestic equities.
STOCKS TO WATCH
** PNC Infratech has been declared the lowest bidder for a project worth 20.91 billion rupees.
** Infosys announces expansion of strategic collaboration with Microsoft for generative artificial intelligence (AI).
** Sonata Software announces strategic partnership with Inube.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.