INDIA STOCKS-Indian shares may open higher as US inflation data eases rate hike fears

Credit: REUTERS/Francis Mascarenhas

BENGALURU, Nov 11 (Reuters) - Indian shares are expected to open higher on Friday, in line with Asian peers as cooling U.S. inflation fuelled hopes that aggressive Federal Reserve rate stance might begin to ease.

India's NSE stock futures, listed on the Singapore exchange SINc1, were up 1.6 at 0148 GMT. The MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS surged 3.6%. MKTS/GLOB

The NSE Nifty 50 index .NSEI closed down 0.71% at 18,028 on Thursday, while the S&P BSE Sensex .BSESN fell 0.69% to 60,613.70.

All three major U.S. stock indexes notched their biggest one-day percentage advances in about two-and-a-half years in a broad, robust rally as the Labor Department's data showed the annual consumer price index number below 8% for the first time in eight months.

India will report its October inflation number next week.

In domestic earnings, Nifty component Mahindra and Mahindra MAHM.NS, top insurer Life Insurance Corporation of India

LIFI.NS, battery maker Exide Industries EXID.NS, engineering company Bharat Heavy Electricals BHEL.NS will be among the scores of companies reporting quarterly numbers.

Foreign institutional investors bought net of 360.6 million Indian rupees ($4.47 million) equities on Thursday, while domestic investors sold 9.67 billion rupees of shares, as per provisional data available with the National Stock Exchange.

Stocks to watch:

** Companies led by Asia's richest man, Gautam Adani, and billionaire Mukesh Ambani, the owner of Reliance Industries RELI.NS have entered the fray to acquire India's debt-laden Future Retail Ltd FRTL.NS.

** Quarterly profit at India's Eicher Motors EICH.NS fell short of analysts' estimates on Thursday, as costs jumped 50% at the Royal Enfield motorcycle maker.

** Society of Indian Automobile Manufacturers will release the auto industry sales data for October.

** State-run Steel Authority of India Ltd SAIL.NS posts Sept-quarter net loss versus profit yr ago.

** India's Coffee Day Enterprises CODE.NS posts Sept-quarter consol net profit versus loss year ago.

** Indian food delivery firm Zomato ZOMT.NS on Thursday reported a narrower loss for the second quarter thanks to a rise in volumes and value of online orders.

** An Indian court on Thursday sent a director of local drugmaker Aurobindo Pharma ARBN.NS to custody for a week in a probe related to the Delhi city government's liquor policy.

($1 = 80.6300 Indian rupees)

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Dhanya Ann Thoppil)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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