India's GIFT Nifty was trading at 21,770 as of 8:24 a.m. IST, suggesting the NSE Nifty 50 will open above its previous close of 21,658.60 points.
Asian markets were muted, tracking a weak close on Wall Street overnight, after resilient labour market data dampened expectations of multiple interest rate cuts by the U.S. Federal Reserve this year. [MKTS/GLOB]
The blue-chip Nifty 50 witnessed selling pressure after hitting record high levels on Monday, before trimming losses on Thursday, led by strong business updates by key lenders and financial companies.
The index is down 0.33% for the week so far.
The recovery in corporate earnings should sustain in 2024, said Saion Mukherjee and Amlan Jyoti Das, research analysts at Nomura.
The brokerage is slightly defensive after the recent run-up in valuations and it sees every correction as a "buying opportunity".
While the ongoing consolidation will continue in the next few sessions ahead of corporate earnings, the overall outlook for Indian equities remained positive, according to analysts.
Since hitting the $4-trillion mark on Nov. 30, the total market capitalisation of all NSE-listed companies has scaled fresh highs and is inching towards the $4.50-trillion level.
STOCKS TO WATCH:
** Jupiter Wagons: Company gets 4.73 billion rupees ($56.81 million) contract from India's Defence Ministry for supplying military wagons.
** L&T Finance Holdings: Retail disbursements in December quarter rise 25% year-on-year to 145 billion rupees.
** Lupin: Company gets tentative approval from U.S. drug regulator for two drugs.
($1 = 83.2640 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sohini Goswami)
