Indian shares set to open higher; auto stocks in focus
BENGALURU, Oct 1 (Reuters) -Indian shares are set to open higher on Tuesday after investors locked in profits at near-record levels in the last session, while the focus will be on auto stocks ahead of their monthly sales data due later in the day.
The GIFT Nifty GIFc1 was trading at 26,001 points as of 8:02 a.m. IST, indicating that the NSE Nifty 50 .NSEI will open above its previous close of 25,810.85.
The Nifty lost 1.5% in the last two sessions of September, as investors booked profits after the benchmark'ssix-session rally on the back of an outsized rate cut by the U.S. Federal Reserve and China announcing economic stimulus.
Wall Street equities settled marginally higher overnight, in a choppy session after Federal Reserve Chair Jerome Powell's comments dampened hopes of another big rate cut. MKTS/GLOB
Asian peers took a breather, with the MSCI Asia ex-Japan index .MIAPJ0000PUS inching 0.1% lower, snapping an eight-session winning run.
On the domestic front, investors will focus on auto stocks, with vehicle makers set to post their monthly sales for September. Auto sales are a key indicator of private consumption in India. Private consumptioncontributes to more than half of the country's gross domestic product (GDP).
Foreign investors net sold shares worth 97.92 billion rupees ($1.17 billion) in Indian equities in the previous session, while domestic investors net bought shares worth 66.46 billion rupees, exchange data showed.
STOCKS TO WATCH:
Piramal Pharma PIRM.NS: Drugmaker approved $80 million expansion plan for sterile injectables facility in Kentucky.
Kalpataru Projects KAPT.NS: Company got orders worth 12.41 billion rupees.
Alphageo (India) ALPI.NS: Mining support systems provider got contract worth 1.32 billion rupees from Oil India OILI.NS
($1 = 83.7990 Indian rupees)
Reporting by Hritam Mukherjee in Bengaluru; Editing by Sumana Nandy
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