Indian shares are poised to open higher on Monday, October 7, 2024, following a streak of five consecutive session losses. This positive outlook comes as Asian markets respond favorably to robust U.S. jobs data, which alleviated recession fears in the world's largest economy.
The GIFT Nifty was trading at 25,253 points as of 7:50 a.m. IST, suggesting that the NSE Nifty 50 will open above its previous close of 25,014.6. Despite the recent downturn, both the Nifty 50 and S&P BSE Sensex experienced their worst week in over two years due to escalating tensions in the Middle East and increased foreign outflows.
The strong U.S. labor market data released after Indian market hours on Friday has boosted investor sentiment across Asian markets, with the MSCI Asia ex-Japan index rising by 0.35%. Traders anticipate that the recent market correction may present a buying opportunity for investors.
However, foreign institutional investors were net sellers on Friday, offloading shares worth 98.97 billion rupees ($1.18 billion), while domestic institutional investors purchased a net 89.05 billion rupees of shares.
Key stocks to watch include Jio Financial, which received approval to establish a mutual fund business, and Macrotech Developers, which reported an 11% rise in collections for the September quarter. IndusInd Bank and Tata-owned Titan also reported significant growth in their financial metrics.
As global markets react to economic indicators, the Indian stock market's recovery will be closely monitored by investors worldwide.