BENGALURU: Indian shares are set to open higher on Monday (July 8), as soft US jobs data has boosted hopes of a Federal Reserve rate cut in September.
The GIFT Nifty was at 24,389 as of 8:08am IST, indicating the NSE Nifty 50 will open above its Friday's close of 24,323.85.
India's Nifty 50 and S&P BSE Sensex have logged gains in all of the last five weeks, their longest weekly winning streak in 2024.
Asian markets opened higher. Recent soft US inflation and labour market data hint at a cooling economy, which could allow the Fed to cut interest rates.
The odds of a 25 basis point rate cut in September stood at 70.8 per cent compared with 57.9 per cent a week ago, according to the CME FedWatch tool.
In India, stock-specific reaction to quarterly updates will influence the market trajectory before company earnings start trickling in later this week, according to two analysts.
Street reaction to key index constituents like Titan Company, Tata Steel, IndusInd Bank and non-index companies like Marico and Dabur will be in focus, after their quarterly updates.
Tata Motors will also be keenly watched after posting a 5 per cent year-on-year growth in JLR factory-level sales in the June quarter.
Domestic investors sold Indian shares worth 16.51 billion rupees (US$198 million) on a net basis on Friday, while foreign investors net bought stocks worth 12.41 billion rupees, per exchange data.
Stocks to watch:
- Nykaa: expects consolidated revenue growth of 22 per cent to 23 per cent in Q1FY25
- Adani Wilmar: reported a rise in Q1 sales volumes on better demand
- Bank of Baroda: reported an over 8 per cent rise in its global advances in the quarter ended June 30. - Reuters
