BENGALURU — Indian shares are expected to open lower on Friday, tracking Asian peers, ahead of major U.S. jobs data that will provide clues on the Federal Reserve’s rate hike strategy, while investors kept an eye on surging crude prices.
India’s NSE stock futures listed on the Singapore exchange were down 0.24%, as of 0221 GMT, while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8%.
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The NSE Nifty 50 index rose 0.3% to close at 17,331.80 on Thursday, while the S&P BSE Sensex gained 0.3% to end at 58,222.10.
The World Bank trimmed India’s growth forecast for this financial year by a full percentage point, as rising commodity prices and debt trouble hit economies in South Asia.
Crude oil price held near three-week highs on Friday, which weighs on sentiment as India is one of the largest importers of the commodity and high prices have a direct impact on inflation.
Meanwhile, the monthly U.S. jobs report on Friday will give a fresh indication of inflation pressures in the country.
U.S. Federal Reserve officials have showed no intention of backing down from the most aggressive rate hike campaign in decades, emphasizing that the inflation fight was ongoing.
Foreign institutional investors bought net 2.79 billion Indian rupees ($33.90 million) worth of equities on Thursday, as per provisional data available with the National Stock Exchange.
Stocks to watch:
** Dabur India on Thursday warned that soaring inflation during the second quarter could lower its operating margin by around 150-200 basis points year-on-year.
** Sakar Healthcare entered into an agreement with Zydus Life Sciences to manufacture anti-cancer products.
** HCL Tech and Google Cloud expanded their strategic partnership.
** Equitas Small Finance Bank said September quarter provisional total deposits rose 20% year-on-year.
** SBI Cards And Payment Services named Rashmi Mohanty as CFO.
** Disa India said its parent group company had acquired Simpson Technologies.
** NTPC and GE Gas Power signed an agreement for demonstrating hydrogen co-firing in gas turbines.
** Indian Hume Pipe Co said it won an order worth 1.94 billion rupees.
** KHFM Hospitality and Facility Management Services will issue shares up to 300 million rupees via a rights issue.
** Yes Bank said the Reserve Bank of India approved appointment of Prashant Kumar as managing director and chief executive officer.
** Zuari Agro Chemicals named Manish Malik as CFO.
** Quess Corp said it will sell 53% stake in unit Simpliance Technologies.
** Indian cosmetics and fashion retailer Nykaa and Dubai-based lifestyle and fashion conglomerate Apparel Group have struck an alliance to expand in the Gulf region, the companies said on Thursday.
** Aditya Birla Capital said India markets regulator imposed penalty of 10 million rupees on unit. ($1 = 82.3100 Indian rupees) (Reporting by Nallur Sethuraman in Bengaluru; Editing by Savio D’Souza)