(Reuters) – Indian shares are set to open higher on Friday, tracking other Asian peers, after U.S. President Donald Trump said he would push for lower interest rates, while caution prevailed due to moderate domestic earnings and concerns over U.S. tariff plans.
The GIFT Nifty futures were trading at 23,304.5, as of 7:38 a.m. IST, indicating that the blue-chip NSE Nifty 50 will open above Thursday’s close of 23,205.35.
Other Asian markets inched higher, with the MSCI Asia ex-Japan index rising 0.3%. [MKTS/GLOB]
Wall Street equities rose overnight, with the S&P 500 hitting a record high after Trump told business leaders at the World Economic Forum in Davos, Switzerland, that he wants to lower rates and taxes in the U.S. and global oil prices. [.N]
Lower U.S. interest rates could lead to foreign inflows into emerging markets such as India.
Indian benchmark indexess Nifty 50 and BSE Sensex have lost about 2% this month so far, due to concerns over moderation in the corporate earnings and economic growth as well as sustained foreign outflows from stocks and bonds worth $7.9 billion.
Trump also reiterated warnings of tariffs on exports to the world’s largest economy, pushing U.S. Treasury yields higher and adding to the certainty over the country’s trade policy.
Among individual stocks, drug makers Dr. Reddy’s Laboratories and Mankind Pharma will be in focus after missing their December-quarter profit view.
STOCKS TO WATCH ** Engineering and technology firm Cyient reports third-quarter profit below analysts’ expectations, hurt by slower growth in transportation segment and higher costs ** Refiner Hindustan Petroleum Corp posts smaller-than-expected rise in December quarter profit, hurt by lower marketing margins and losses in its liquefied petroleum gas (LPG) segment ** Broadcaster Zee Entertainment Enterprises posts rise in third-quarter profit and margins boosted by cost cutting measures which offset lower advertisement revenue ** Software company Mphasis beats December quarter profit estimates, aided by strong deal wins in its banking segment
($1 = 86.4550 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.