Indian Shares Likely To Open Higher

(RTTNews) - Slightly higher GIFT Nifty futures and overnight positive close on Wall Street indicate a higher open for Indian shares Friday morning.

Upbeat economic data, Micron's strong fourth-quarter earnings, and expectations of more interest rate cuts by the Fed lifted the major averages to a positive close on Thursday.

Asian stocks are broadly higher on Friday, tracking overnight gains on Wall Street, and on the Chinese government pledge to come out with more stimulus measures to boost the nation's economic growth.

Indian shares rose notably on Thursday to reach new record-high closing levels after a handful of Federal Reserve officials left the door open to another large rate cut. A sharp fall in oil prices also boosted sentiment after reports emerged that Saudi Arabia - the de facto leader of Opec - was prepared to pump more oil to regain market share.

According to the CME FedWatch tool, the chances of a jumbo 50-bps cut in November currently remain above 60%.

The benchmark 30-share BSE Sensex jumped 666.25 points, or 0.78%, to 85,836.12 while the broader NSE Nifty index closed at 26,216.05, up 211.90 points, or 0.81%, from its previous close.

In corporate news, KEC International Limited announced that it has raised over Rs 870 crore through a qualified institutional placement of shares at a price of Rs 955 per share.

Biocon Limited announced that it has signed a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company (a fully-owned subsidiary of Astra Industrial Group), to commercialize its GLP-1 products for treating diabetes and chronic weight management, in select countries of the Middle East.

Adani Green Energy Limited has announced the completion of the 1,150 MWac joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested US$ 444 million in AGEL subsidiary, for acquiring 50% stake in AGEL's solar projects located at the world's largest renewable energy plant in Khavda, Gujarat.