INDIA STOCKS-Indian shares set to rise on China opening hopes
BENGALURU, Dec 5 (Reuters) – Indian shares are set to
track Asian equities higher on Monday, as China’s unwinding of
pandemic restrictions raised hopes of an improved global growth
India’s NSE stock futures listed on the Singapore exchange
were up 0.24% at 18,870.50 as of 07:25 a.m IST. The
blue-chip indexes had closed lower on Friday after eight
straight sessions of gains.
More Chinese cities announced the easing of coronavirus
curbs on Sunday as Beijing tries to make its zero-COVID policy
more targeted after recent protests against restrictions.
Limiting gains in domestic equities could be a jump in oil
prices after OPEC+ held its output targets in its meeting on
Sunday and easing China curbs offered hopes of a rebound in fuel
Indian markets will also be focused on the central bank’s
monetary policy decision due Wednesday. The Reserve Bank of
India is expected to raise interest rates by a smaller 35 basis
points to 6.25%.
On Friday, Wall Street equities closed lower as investors
digested a stronger-than-expected jobs report, which raised
concerns about the U.S. central bank’s ability to moderate rate
Foreign institutional investors bought a net of 2.15 billion
rupees ($26.41 million) worth of equities on Friday, while
domestic investors bought 7.12 billion rupees ($87.46 million)
worth of shares, as per provisional NSE data.
Stocks To Watch:
** Maruti Suzuki India: Top carmaker said on
Friday it expected a chip shortage to impact production in
December more than in recent months, after output for November
hit the lowest in six months.
** State Bank of India: Raised 100 billion rupees
($1.23 billion) through its maiden infrastructure bond issuance.
** Hindustan Aeronautics: Gets income tax refund
worth 4.27 billion rupees.
** Mahindra & Mahindra Financial Services:
Disbursements jumped 75% to 45 billion rupees in November.
($1 = 81.4100 Indian rupees)
(Reporting by Bharath Rajeswaran and Akansha Victor in
Bengaluru; Editing by Janane Venkatraman)