Indian shares are set to open higher on Friday amid positive cues from US markets and a cautious global outlook, with traders eyeing Asian markets, crude oil prices, US bond yields, and foreign fund flows.
GIFT Nifty pointed to a firmer start for Indian shares on Friday, with the futures contract trading 11 points, or 0.05%, higher above the 23,300 mark in early trade. Traders were set to watch Asian markets, crude prices, US Treasury yields and foreign fund flows after a mixed finish in the previous session, when the Sensex edged down 21.86 points to 74,314.59 and the Nifty closed 53 points higher at 23,270.60.
The overnight tone from Wall Street was supportive. According to AP, US stocks recovered on Thursday after a decline in oil prices and easing in bond yields helped steady sentiment following the Federal Reserve’s latest rate increase. The S&P 500 rose 1.1%, the Dow Jones Industrial Average gained 0.6% and the Nasdaq Composite added 1.7%. In Asia, the Nikkei 225 rose more than 1%, South Korea’s Kospi advanced 2% and Australia’s S&P/ASX 200 added 0.4%, although the Topix slipped 0.1%.
Commodity and currency moves were also in focus. Brent crude slipped 0.76% to $104.02 a barrel in early trade, while US crude eased 0.73% to $101.17. US Treasury yields fell sharply on Thursday, with the 10-year note dropping more than 7 basis points to 4.93%. The dollar index stood at 100.23, and the rupee ended Thursday at 95.94 per dollar. Overseas investors sold shares worth Rs 3,208.76 crore on September 17, while domestic institutions bought Rs 3,617.75 crore. Sectoral gains were led by electronics, aviation and insurance, while among business groups Adventz, Lakshmi Group Coimbatore and Pennar posted the strongest advances.
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