India Stocks: Indian shares set to open higher

DCX Systems

19/08/2024 03:33

BENGALURU, Aug 19 (Reuters) - Indian shares are set to
open marginally higher on Monday, as traders tracked Asian
markets that gained after U.S. data helped soothe fears of a
recession in the world's largest economy.
    The Gift Nifty  GIFc1  was trading at 24,670.5, as of 08:00
a.m. IST, indicating that the NSE Nifty 50  .NSEI  will open 
above its Friday's close of 24,541.15.
    Asian markets opened higher, with the MSCI Asia ex-Japan
 .MIAPJ0000PUS  rising nearly 1%. 
    Wall Street equities closed higher overnight, supported by
easing inflation and readings of robust U.S. retail spending.
 MKTS/GLOB 
    Indian shares clocked in weekly gains on Friday, led by
upbeat performances among the IT sector. 
    "There is nothing alarming at this point for domestic
markets," said Krishna Appala, senior research analyst at
Capitalmind Research.
    "With India's growth story firmly on track, we remain
positive about the markets' outlook," Appala added.
    Foreign institutional investors snapped a three-session
selling streak, buying shares worth 7.67 billion rupees  ($91.5
million) on Friday. Domestic institutional investors purchased
shares for the 10th straight session, worth 26.06 billion
rupees, according to provisional data from the National Stock
Exchange.
    
    STOCKS TO WATCH
    
    ** Escorts Kubota  ESCO.NS  says investment intent submitted
to Uttar Pradesh government to acquire land to set up integrated
manufacturing facility.  urn:newsml:reuters.com:*:nFWN3K30NJ
    ** DCX Systems  DCXS.NS  gets order worth 1.07 billion
rupees.  urn:newsml:reuters.com:*:nFWN3K31E8
    ** Vedanta  VDAN.NS  will exercise the over-subscription
option for an additional 0.29% stake in ongoing offer for a
stake in Hindustan Zinc  HZNC.NS   urn:newsml:reuters.com:*:nFWN3K30OO
    
     ($1 = 83.8650 Indian rupees)

    

 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Sherry Jacob-Phillips)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))