Indian shares set to open little changed
Upstox
2 min read • Updated: February 5, 2024, 8:44 AM
Summary
India's GIFT Nifty was trading at 21,919 points as of 7:54 a.m. IST, suggesting the NSE Nifty 50 will open near its Friday close of 21,853.80.
BENGALURU, Feb 5 (Reuters) - Indian shares are likely to open flat on Monday, after the blue-chip Nifty 50 jumped to a record high in the previous session, while stronger-than-expected U.S. jobs data dampened hopes of an early Federal Reserve rate cut and weighed on Asian peers.
India's GIFT Nifty was trading at 21,919 points as of 7:54 a.m. IST, suggesting the NSE Nifty 50 will open near its Friday close of 21,853.80.
Asian markets were lower after data showed U.S. non-farm payrolls jumped more than expected in January, highlighting a resilient economy and weighing on hopes of an early Fed rate cut.
The odds of a Fed rate pause in March rose to 84.5% from 52.3% a week ago, according to CMEGroup's FedWatch tool.
India's benchmark index Nifty 50 hit an all-time high for the fifth time in 2024 on Friday, lifted by gains in Reliance and IT stocks and as the government's fiscal prudence in its budget boosted sentiment.
Foreign portfolio investors (FPIs) bought a net 70.69 crore ($8.52 million) worth of shares on Friday while domestic institutional investors added stocks worth 2463 crore on a net basis, according to exchange data.
STOCKS TO WATCH:
Interglobe Aviation: The airline company posted a rise in third-quarter profit on strong demand.
UPL: The agrochemical company reported a quarterly loss on weak demand and destocking woes.
Tata Motors: The company reported higher-than-expected net profit in the December quarter, helped by strong sales in its British luxury car unit, Jaguar Land Rover.
Key results on Monday: Ashok Leyland, Bharti Airtel, Varun Beverages. ($1 = 82.9810 Indian rupees)