Indian shares may open slightly higher; mixed global cues weigh

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BENGALURU — Indian shares may inch higher on Friday, as investors weigh mixed cues from global equities amid earnings reports and growing expectation of slower pace of rate hikes from major central banks.

India’s NSE stock futures, listed on the Singapore exchange , were 0.28% higher as of 0200 GMT. The MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.32% and set to snap a three-day winning streak.

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The NSE Nifty 50 index advanced 0.46% to 17,736.95 at close on Thursday, and the S&P BSE Sensex ended 0.36% higher to 59,756.84. If gains hold on Friday, the benchmark indexes may register their second straight weekly rise.

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India’s top carmaker Maruti Suzuki, a Nifty 50 component, is expected to report its quarterly earnings results later in the day.

Meanwhile, foreign institutional investors bought a net 28.18 billion Indian rupees ($342.12 million) worth of equities on Thursday, while domestic investors sold net 15.80 billion rupees worth of shares, as per provisional data available with the National Stock Exchange.

In broader Asia, equities edged lower on Friday, while U.S. stocks were mixed at close, as investors balanced mixed earnings reports and economic data.

European shares ended nearly flat on Thursday after the European Central Bank raised interest rates by an expected 75 basis points and signaled a slower pace of rate hikes going forward.

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Stocks to watch:

** SBI Cards and Payment Services reported a 52.4% jump in second-quarter profit on Thursday, as it issued more credit cards and Indians spent more going into the festive season.

** Tata Chemicals Ltd on Thursday reported a second-quarter profit that nearly tripled, helped by a strong performance in its basic chemistry products segment.

** The Reserve Bank of India is likely to withdraw its official Yogesh Dayal from the board of RBL Bank Ltd ahead of the expiry of his term after a forensic audit did not find major red flags regarding the bank’s non-performing assets, the Hindu BusinessLine reported citing sources.

** Infibeam Avenues Ltd said on Thursday the Reserve Bank of India has given the company an authorisation to operate as a payment aggregator.

** Supreme Petrochem Ltd on Thursday reported a 53% fall in September-quarter profit after tax as expenses rose. ($1 = 82.3680 Indian rupees) (Reporting by Rama Venkat in Bengaluru; Editing by Neha Arora)