Indian shares set for muted open, IT in focus after upbeat Accenture results
Dec 19 (Reuters) -Indian shares are set for a muted open on Friday after the previous session's declines on concerns over a slower pace of rate cuts by the U.S. Federal Reserve, while IT stocks are likely to find support after solid results by U.S. peer Accenture.
The GIFT Nifty futures GIFc1 were trading at 23,917 as of 07:57 a.m. IST, indicating the benchmark Nifty 50 .NSEI will open near Thursday's close of 23,951.70.
In the previous session, the Nifty and BSE Sensex .BSESN closed 1% lower, taking their weekly declines to over 3%, after the Fed delivered a 25 basis points rate cut but forecast just two reductions in 2025, half of what policymakers anticipated in September.
The benchmark indexes are set to log their first weekly decline in five.
Fed's rate cutoutlook dampened risk appetite for local equities, with foreign investors selling Indian shares worth 42.25 billion rupees ($496.5 million) on Thursday, exchange data showed.
Overseas investors turned net buyers in December after being net sellers for two straight months, but have net sold domestic stocks so far this week.
Indian IT firms, which get a major portion of their revenue from U.S. clients, will be on the radar after sector bellwetherAccenture ACN.N beat its first-quarter profit and revenue estimates and raised its annual forecast.
Meanwhile, Asian markets were trading lower after Wall Street equities closed mixed overnight. MKTS/GLOB.
STOCKS TO WATCH
Indian telecom firm Bharti Airtel BRTI.NS said it made an early payment of 36.36 billion rupees to the Indian government, clearing its dues for the spectrum it acquired in 2016.
Hyundai Motor India HYUN.NS said it will equip its cars with domestically manufactured batteries.
AU Small Finance Bank AUFI.NS said India's central bank approved re-appointment of Harun Rasid Khan as part-time chairman.
($1 = 85.0960 Indian rupees)
Reporting by Kashish Tandon in Bengaluru; Editing by Eileen Soreng
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