Indian shares set to open higher tracking Asian peers
A general view of the Bombay Stock Exchange (BSE), after Sensex surpassed the 50,000 level for the first time, in Mumbai, India, January 21, 2021. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing Rights
BENGALURU, Nov 6 (Reuters) - Indian shares are set for a strong open on Monday, tracking Asian peers as markets priced in earlier interest rate cuts in the United States and Europe.
India's GIFT Nifty was up 0.84% at 19,451 as of 8:00 a.m. IST, over 200 points above the benchmark Nifty 50's (.NSEI) Friday close of 19,230.60.
Asian markets advanced, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) gaining nearly 1.5%. Japan's Nikkei rose 2.48% to 32,793,74, its highest since Sept. 21.
Wall Street equities rallied on Friday, while U.S. 10-year Treasury yields fell to five-week lows after data showed that U.S. jobs growth slowed more than expected in October.
The Fed's rate pause on Nov. 1 had spurred a global market rally.
The odds of a 25 basis points rate cut by June 2024 rose to 81%, the CME FedWatch tool showed, and markets imply around an 80% probability the European Central Bank will be cutting rates by April.
India's blue-chips Nifty 50 and Sensex (.BSESN) snapped a two-week losing streak on Friday, rising nearly 1% for the week.
Foreign institutional investors remained net sellers on Friday, offloading 124.3 million rupees ($1.5 million) of shares on a net basis. Domestic institutional investors bought shares worth 4.03 billion rupees.
STOCKS TO WATCH:
** State Bank of India (SBI.NS): India's largest lender reports 8% rise in profit in September-quarter.
** Interglobe Aviation (INGL.NS): Airline operation reports profit in second quarter on steady demand for air travel.
** Vedanta (VDAN.NS): Co posts consolidated loss in September quarter.
** PB Fintech (PBFI.NS): Co's net loss narrows in second quarter.
** Major earnings: Divi's Laboratories (DIVI.NS), Hindustan Petroleum Corp Ltd (HPCL.NS), Sobha (SOBH.NS), Varun Beverages (VARB.NS).
($1 = 83.0760 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K
Our Standards: The Thomson Reuters Trust Principles.
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