Indian Shares Look Headed For Positive Start

RTTNews | vor 114 Tagen

(RTTNews) - Indian shares are likely to open higher Friday morning, tracking positive lead from Wall Street and Asian markets. Activity may turn stock specific with investors reacting to some corporate news.

Reliance Infrastructure will be in focus following the company's board approving raising of Rs 3,014 crore through preferential issue of up to 12.56 crore shares and convertible warrants at Rs 240 apiece.

NTPC's board approved an investment of Rs 11,131 crore in the Darlipali Super Thermal Power Project, and Rs 9,790.87 crore in the Sipat Super Thermal Power Project.

Adani Group shares will be in focus after the group emerged the frontrunner in the race to acquire the promoter's 46.64% stake in ITD Cementation India. At current market value, the deal is worth Rs 5,888.57 crore.

Indian stocks closed higher on Thursday, but key benchmark indexes ended off their day's highs amid signs of escalating tensions in the Middle East.

Underlying sentiment remained supported somewhat after the U.S. Federal Reserve delivered its first rate cut in more than four years and signaled further easing in the months ahead to keep the labor market from slowing too much.

The benchmark 30-share BSE Sensex hit a new record high of 83,773.61 in intraday trade before finishing up by 236.57 points, or 0.29%, at 83,184.80. Likewise, the broader Nifty index hit a fresh record level of 25,611.95 before closing at 25.415.80, up 38.25 points, or 0.15%, from its previous close.

U.S. stocks moved sharply higher during trading on Thursday. The major averages all showed strong moves to the upside, with the Dow and the S&P 500 reaching new record closing highs, and closed on a firm note despite coming off higher levels.

The Dow jumped 522.09 points or 1.3% to 42,025.19, the Nasdaq soared 440.68 points or 2.5% to 18,013.96 and the S&P 500 surged 95.38 points or 1.7% to 5,713.64.

The rally on Wall Street came as traders continued to digest the Federal Reserve's decision on Wednesday to slash interest rates by half a percentage point.

Asian stocks are up firmly in positive territory, tracking overnight gains on Wall Street. Japan's Nikkei 225, Australia's S&P/ASX 200, Hong Kong's HSI and South Korea's KOSP are all up with solid gains.

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