(Reuters) – Indian shares are set to open higher on Friday, with investors expected to buy the dip after a slump in the previous session, while market reaction to non-bank lender Bajaj Finance’s quarterly pre-earnings update will also be in focus.
The GIFT Nifty was trading at 25,431.5 points, as of 7:47 a.m. IST, indicating that the NSE Nifty 50 will open above its previous close of 25,250.10.
The Nifty and the S&P BSE Sensex indexes logged on Thursday their steepest percentage declines since early August, as investors maintained a cautious stance amid fears of further escalation of the Middle East conflict and foreign outflows from domestic equities.
Iran fired ballistic missiles at Israel earlier in the week, stoking fears that crude supplies from the world’s top oil-producing region may be threatened if the conflict intensifies. Oil prices climbed while global stocks edged lower. [O/R] [MKTS/GLOB]
While geopolitical tensions in the Middle East continue to keep investors on tenterhooks, traders are likely to resort to buying the dips after the drop in the previous session, two traders said on Friday.
Meanwhile, foreign institutional investors (FII) sold a record 152.43 billion rupees ($1.82 billion) worth of stocks on Thursday, taking the total outflows to $3.65 billion in three sessions. Foreign outflows from Indian equities could continue in the near term, as investors shift focus to China after the country’s recent rollout of stimulus measures to support the economy.
On the domestic front, all eyes will be on Bajaj Finance after the company posted a 14% year-on-year loan growth in the second quarter.
STOCKS TO WATCH:
Bajaj Housing Finance posted a 26% rise in its assets under management (AUM) in the September quarter.
Shilpa Medicare said its unit received certificate of suitability from the European drug regulator for a drug used to treat diabetes.
Bank of Baroda’s domestic advances rose 12% in September quarter, with domestic deposits seeing a 7.1% rise.
Avenue Supermarts posted a 14% rise in its standalone revenue in the September quarter
($1 = 83.9650 Indian rupees)
(Reporting by Hritam Mukherjee and Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips)
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