Indian Shares Set For Steady Open After Strong GDP Data

(RTTNews) - Indian shares look set to open on a firm note Monday as investors brace for the release of key U.S. economic data and potential shifts in Fed leadership.

Underlying sentiment may remain underpinned somewhat after data showed the Indian economy grew at the fastest pace in six quarters during the three months to September, defying expectations for a modest slowdown.

GDP grew 8.2 percent year-on-year following a 7.8 percent expansion in the June quarter, according to preliminary data from the statistics ministry. Economists had forecast a slower growth of 7.3 percent. In same quarter of the previous year, growth was 5.6 percent.

The latest pace of growth was the strongest since the March quarter of 2024, when the economy grew 8.4 percent.

Meanwhile, the RBI's Monetary Policy Committee will meet from December 3 to 5, with investors looking for any shift in the policy tone.

On the trade front, India is expected to sign the first tranche of the bilateral trade agreement (BTA) with the United States by year-end, ANI quoted Commerce Secretary Rajesh Agarwal as saying.

Asian markets were mixed this morning after official data showed China's factory activity improved in November but shrank for the eighth consecutive month.

The dollar began December on the back foot, while gold edged up and silver rose to a record on rising expectations for an interest-rate cut in the United States this month.

Oil prices were little changed after the oil cartel led by Saudi Arabia confirmed it will stick with plans to pause production hikes during the first quarter.

Traders also weighed the fallout from U.S. President Donald Trump's rhetoric around Venezuela.

U.S. stocks advanced in thin trade on Friday as Wall Street returned from the Thanksgiving holiday for a shortened session.

The tech-heavy Nasdaq Composite climbed 0.7 percent but fell nearly 2 percent for November, ending a seven-month winning streak.

The Dow rose 0.6 percent and the S&P 500 added half a percent for their fifth consecutive session of gains.

European stocks eked out modest gains on Friday to close the month on a robust note amid optimism surrounding potential U.S. rate cuts.

The pan European Stoxx 600, the German DAX, France's CAC 40 and the U.K.'s FTSE 100 all rose by 0.3 percent.