Indian shares are set to open at record highs on Friday, tracking gains in regional peers after U.S. economic data eased growth concerns, while investors await domestic quarterly growth data.
The GIFT Nifty was trading at 25,283 as of 08:10 a.m. IST, indicating that the benchmark NSE Nifty 50 will open above its Thursday's record closing high of 25,151.95.
Supported by domestic inflows and expectations of U.S. rate cuts in September, the Nifty has risen for 11 consecutive sessions, marking its longest winning streak in about 17 years.
Domestic institutional investors (DII) have purchased shares worth $6.14 billion in August so far, about twice the net foreign portfolio investors (FPI) outflows.
Asian markets rose, with the MSCI's broadest index of Asia-Pacific shares outside Japan up 0.4%.[MKTS/GLOB]
Most Wall Street equities rose overnight, with the Dow Jones Industrial Average logging a record closing high, buoyed by robust U.S. economic data.
Market participants now await the core personal consumption expenditures data, the Fed's preferred gauge of inflation, on Friday to confirm bets of the September rate cut. [.N]
Investors also await India's April-June growth data, due after market hours. A Reuters poll showed growth likely slowed to 6.9% year-on-year in the quarter due to reduced government spending because of national elections.
While the projected reading is below the central bank's estimate of 7.1% and the 7.8% growth rate in the previous quarter, the medium-term growth outlook continues to remain stable.
Among individual stocks, Reliance Industries will be focus, on the back of key announcements in its annual general meeting on Thursday.
"No tangible progress in the Jio and retail spin-offs could disappoint the street," said Aditya Suresh and Baiju Joshi, analysts at Macquarie Capital Securities (India).
"New energy ambitions seem potentially supportive for growth momentum over 3-5 years, but need to be de-risked," they added.
STOCKS TO WATCH
** SpiceJet: India's aviation watchdog puts the budget airline under enhanced surveillance, with immediate effect after a recent audit revealed "certain deficiencies".
** Infosys: Company to introduce generative AI-powered telco solutions based on Nvidia microservices.
** Sugar stocks like Balrampur Chini Mills, Shree Renuka, Bajaj Hindusthan and Dwarikesh Sugar: Government allows sugar mills to use cane juice or syrup to produce ethanol, effective from Nov. 1.
($1 = 83.8710 Indian rupees)