BENGALURU (Reuters) – Indian shares were poised to open higher on Monday, aided by a broad risk-on sentiment after U.S. data hinted at less aggressive rate hikes, with investors turning focus on corporate health as earnings season kicks off.
India’s NSE stock futures listed on the Singapore exchange were up 0.85% at 18,112.50, as of 7:50 a.m. IST on Monday.
Equities were helped by gains seen overnight on Wall Street on Friday, with U.S. payrolls expanding more than expected and easing worries about the Federal Reserve’s interest rate-hiking path.
Broader Asian equities also got a boost from China re-opening its borders on hopes that it could improve the outlook for the global economy.
At home, IT major Tata Consultancy Services was set to report third quarter results after market close.
Analysts expect weak Q3 revenue growth for IT services firms, on the back of deteriorating macroeconomic conditions and furloughs in the quarter.
The MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.5% to a five-month high. [MKTS/GLOB]
Meanwhile, foreign institutional investors extended their selling streak for the eleventh day in a row, offloading 29.02 billion rupees ($352.74 million) worth of equities on a net basis on Friday.
Domestic investors bought 10.83 billion rupees worth of shares, as per provisional NSE data.
STOCKS TO WATCH
** Tata Consultancy Services: Co will announce its third quarter earnings after market close.
** Titan Company: Co reported 12% YoY growth in combined sales in third quarter, driven by festive season. All categories clock healthy double digit growths despite high base.
** Tata Steel: Company’s India crude steel production stood at 5 million tonnes in third quarter, up 4% YoY. Deliveries rose 7% YoY to 4.73 million tonnes, aided by growth in domestic deliveries
** Lupin: Co gets U.S. FDA approval for Fesetorodine fumarate extended-release tablets, a generic equivalent of Toviaz tables of Pfizer. The tablets have estimated annual sales of $177 mln in the U.S., as per IQVIA data as of September 2022.
($1 = 82.2700 Indian rupees)
(Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru;Editing by Nivedita Bhattacharjee)
