Indian shares set to open higher; IT stocks in focus
BENGALURU, July 4 (Reuters) -Indian shares will likely open higher on Thursday, in line with Asian peers, as softer U.S. data boosted hopes for a rate cut in September.
The GIFT Nifty GIFc1 was trading at 24,460 as of 8:04 a.m. IST, indicating the Nifty 50 .NSEI will open above Wednesday's close of 24,286.50, which was an all-time closing high.
Asian peers rose on renewed bets that the Federal Reserve may start cutting rates in September following soft labour data in the world's largest economy. GLOB/MKTS
U.S. rate-sensitive IT stocks .NIFTYIT will be watched.
Shares of Bajaj Finance BJFN.NS will also be watched after the non-bank lender reported a 31% growth in assets under management and a 26% rise in deposits book at the end of June.
Domestic investors sold Indian shares worth 9.24 billion rupees ($110.7 million) on a net basis on Wednesday, while foreign investors net bought stocks worth 54.84 billion rupees, per exchange data.
STOCKS TO WATCH:
** Tata Steel TISC.NS: Company gets National Company Law Tribunal's approval for merger of Angul Energy into itself
** Suryoday Small Finance Bank: Lender reports 42% year-on-year growth in gross advances in June quarter
** Vedanta VDAN.NS: Company posts 3% year-on-year growth in aluminum production in June quarter
** Brigade Enterprises: Company signs joint development deal for a residential project in Bengaluru, with a gross development value of 11 billion rupees
($1 = 83.4900 Indian rupees)
Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala
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