Indian shares set to open higher after bumper Fed rate cut
BENGALURU, Sept 19 (Reuters) -Indian shares are set to open marginally higher on Thursday as the U.S. Federal Reserve started its monetary easing cycle with a large 50-basis-point rate cut.
The GIFT Nifty GIFc1 was at 25,453.5 points as of 08:08 a.m. IST, indicating the NSE Nifty 50 .NSEI will open slightly above its close of 25,377.55 on Wednesday.
The Fed cutting rates could boost the markets to record highs, two analysts said.
"This rate cut will facilitate inflows to emerging markets like India," said Nilesh Shah, managing director at Kotak Mahindra Asset Management Company.
India's information technology and pharma companies, which earn a significant share of their revenue from the U.S., will be in focus.
Other Asian markets rose, with the MSCI Asia ex-Japan index .MIAPJ0000PUS rising 0.25%. MKTS/GLOB
Foreign institutional investors and domestic institutional investors net bought Indian stocks on Wednesday, purchasing 11.54 billion rupees ($137.91 million) and 1.52 billion rupees of shares, respectively, according to provisional data from the National Stock Exchange of India.
STOCKS TO WATCH
** Power Grid PGRD.NS says it was declared as successful bidder for the Rajasthan-Madhya Pradesh inter-state transmission project. nFWN3L00CQ
** B L Kashya BLKS.NS wins order worth 2.21 billion rupees nFWN3L00C3
** Ion Exchange IONX.NS secures orders worth 1.61 billion rupees. nFWN3KZ15E
($1 = 83.6760 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
