(Reuters) – Indian shares are set to open higher on Monday after logging losses for five straight sessions, and tracking Asian peers after strong U.S. jobs data dispelled worries of a recession.
The GIFT Nifty was trading at 25,253 points, as of 7:50 a.m. IST, indicating that the NSE Nifty 50 will open above its previous close of 25,014.6.
Both the benchmark indexes, Nifty 50 and the S&P BSE Sensex, posted their worst week in over two years as concerns about the deepening conflict in the Middle East continued to rattle investors, while rising foreign outflows also weighed.
However, strong U.S. labour market data after India market hours on Friday eased concerns of a likely recession in the world’s largest economy, boosting investor sentiment.
Asian markets opened higher on the day, with the MSCI Asia ex-Japan index rising 0.35%. [MKTS/GLOB]
After the profit booking in Indian equities last week, we expect investors to use the correction as a buying opportunity, two traders said.
Foreign institutional investors (FIIs) were net sellers on Friday, offloading shares worth 98.97 billion rupees ($1.18 billion), while domestic institutional investors bought a net 89.05 billion rupees of shares.
STOCKS TO WATCH
** India’s Jio Financial, BlackRock get in-principle approval from the markets regulator to set up a mutual fund business.
** Macrotech Developers posts an 11% rise in collections in September quarter while pre-sales rise 21% YoY.
** IndusInd Bank reports a 13% rise in net advances on a yearly basis in the September quarter, while deposits gain 15%.
** Tata-owned Titan projects a 25% revenue rise in September quarter, helped by rising demand after a reduction in customs duty on gold imports.
($1 = 83.9630 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Abinaya Vijayaraghavan)
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