Indian shares are likely to open slightly higher on Friday after a four-day slide on lacklustre earnings and persistent foreign outflows, while private lender IndusInd Bank and consumer major ITC will be in focus following disappointing quarterly results.
The Gift Nifty was trading at 24,443, as of 07:37 a.m. IST, indicating that the benchmark Nifty 50 will open slightly above Thursday's close of 24,399.4.
The Nifty 50 and the BSE Sensex have dropped 1.8% and 1.4%, respectively, so far this week and are on course for their fourth straight weekly loss – longest such losing streak since August 2023.
Both the benchmarks are down about 7% from record highs hit on Sept. 27 and on track for their worst monthly performance since the onset of the COVID-19 pandemic in March 2020.
Analysts attributed the drop to lacklustre earnings and persistent foreign selling over the last 19 sessions, as investors redirected funds to China from India on Beijing's stimulus measures and relatively cheaper valuations.
Shares of Nifty 50 constituent IndusInd Bank could fall on Friday after the lender reported a surprise drop in its September-quarter profit due to stress in microfinance loans, which led to higher provisions, lower asset quality and narrow lending margins.
ITC, another Nifty 50 member, could also see selling pressure after missing profit estimates on higher costs and subdued demand.
Meanwhile, other Asian markets opened higher, tracking Wall Street's positive close overnight as strong earnings allayed worries over U.S. presidential elections. [MKTS/GLOB]
STOCKS TO WATCH
** NTPC profit drops in second quarter on lower power generation
** Godrej Consumer Products beats September-quarter profit view, helped by pick-up in rural demand
** Enforcement directorate officials conduct search activity in office premises of Shriram Properties in Bengaluru and Chennai
** Earnings today: Coal India, Bank of Baroda, BPCL, HPCL, DLF.