Indian shares were set to open higher on Monday after posting their longest weekly losing streak in 25 years, with easing fears of aggressive US monetary tightening and a pullback in oil prices lifting sentiment, Reuters reported.
GIFT Nifty futures were trading at 22,639 points as of 7:57 a.m. IST, pointing to a positive start for the benchmark Nifty 50, which closed at 22,421.95 on Thursday. Indian markets were shut on Friday for a public holiday. Both the Nifty 50 and the Sensex logged their eighth straight weekly decline last week, pressured by record foreign selling, elevated crude prices and a sharp rise in global bond yields.
What changed
Market sentiment improved after softer-than-expected US jobs data reduced expectations of a Federal Reserve rate hike later this month, offering relief to emerging-market assets. Brent crude slipped 0.6% to $101.6 a barrel on Monday as higher Middle East exports and coordinated stock releases by G7 nations eased near-term supply concerns. Other Asian markets rose 0.2%.
Foreign portfolio investors remained net sellers for a sixth straight session on Thursday, offloading stocks worth 94.84 billion rupees, according to provisional NSE data, while domestic institutional investors bought equities worth 100.42 billion rupees. Two traders told Reuters that weaker US data had pushed the probability of an October Fed hike below 25%, though a sustained recovery would need oil prices to ease further and foreign outflows to slow.
Stocks to watch
HDFC Bank will be in focus after the country's largest private lender named Anup Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, as its next CEO for a three-year term — the first external candidate to lead the bank. Bajaj Finance posted 11% year-on-year growth in new loans booked in the September quarter, Avenue Supermarts said standalone revenue rose 18.4%, Tata Motors' JLR wholesale volumes climbed 24.5% even as retail sales fell 7.5%, and Gland Pharma approved a $21 million investment in its US arm.
Sources: Indian shares poised to rebound as Fed-hike fears, oil prices ease
GIFT Nifty futures were trading at 22,639 points as of 7:57 a.m. IST, pointing to a positive start for the benchmark Nifty 50, which closed at 22,421.95 on Thursday. Indian markets were shut on Friday for a public holiday. Both the Nifty 50 and the Sensex logged their eighth straight weekly decline last week, pressured by record foreign selling, elevated crude prices and a sharp rise in global bond yields.
What changed
Market sentiment improved after softer-than-expected US jobs data reduced expectations of a Federal Reserve rate hike later this month, offering relief to emerging-market assets. Brent crude slipped 0.6% to $101.6 a barrel on Monday as higher Middle East exports and coordinated stock releases by G7 nations eased near-term supply concerns. Other Asian markets rose 0.2%.
Foreign portfolio investors remained net sellers for a sixth straight session on Thursday, offloading stocks worth 94.84 billion rupees, according to provisional NSE data, while domestic institutional investors bought equities worth 100.42 billion rupees. Two traders told Reuters that weaker US data had pushed the probability of an October Fed hike below 25%, though a sustained recovery would need oil prices to ease further and foreign outflows to slow.
Stocks to watch
HDFC Bank will be in focus after the country's largest private lender named Anup Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, as its next CEO for a three-year term — the first external candidate to lead the bank. Bajaj Finance posted 11% year-on-year growth in new loans booked in the September quarter, Avenue Supermarts said standalone revenue rose 18.4%, Tata Motors' JLR wholesale volumes climbed 24.5% even as retail sales fell 7.5%, and Gland Pharma approved a $21 million investment in its US arm.
Sources: Indian shares poised to rebound as Fed-hike fears, oil prices ease
