Indian shares set for muted open after three-day losing run
Oct 18 (Reuters) -Indian shares are set to open little changed on Friday after a three session losing streak that was sparked by an exodus of foreign funds and disappointing results from marquee companies.
The Gift Nifty GIFc1 was trading at 24,728 as of 08:20 a.m. IST, indicating that the benchmark Nifty 50 .NSEI will open near its close of 24,749.85 on Thursday.
So far this week, the Nifty and Sensex have lost 0.9% and 0.5%, respectively, and are on course for their third straight week of declines.
The disappointing start to the earnings season continued on Thursday after top IT services providers Infosys INFY.NS and Wipro WIPR.NS gave revenue forecasts that missedanalysts' expectations, suggesting a broad-based IT recovery was yet to take hold.
That followed reports from Bajaj Auto BAJA.NS, whose warning of weak festival period sales stoked broader worries about consumption, and underwhelming results from Reliance Industries RELI.NS and IT bellwether TCS TCS.NS, analysts said.
Meanwhile, foreign institutional investors were net sellers of Indian shares for the fourteenth straight session on Thursday.
They have pulled out $8.4 billion so far in October, already set for the highest monthly outflows since at least 2002, per NSDL data, with their focus shifting to China.
STOCKS TO WATCH:
Axis Bank AXBK.NS: The lender reported September-quarter profit beat on strong credit demand.
Asirvad Micro Finance ASIR.NS: It was among four NBFCs barred by the Reserve Bank of India from fresh lending due to breaching norms.
Zomato ZOMT.NS: The food delivery firm said it will consider raising funds via institutional share sale.
($1 = 84.0600 Indian rupees)
Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza
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