Indian shares set to open marginally higher; TCS in focus
Oct 11 (Reuters) -Indian shares are set to open marginally higher on Friday, with focus on IT stocks after Tata Consultancy Services TCS.NS kicked off the earnings season for local tech majors on a dour note as it reported a quarterly profit miss.
The Gift Nifty GIFc1 was trading at 25,102, as of 8:24 a.m. IST, indicating that the benchmark Nifty 50 .NSEI will open slightly above its close of 24,998.45 on Thursday.
India's benchmark index Nifty 50 .NSEI has witnessed profit-booking over the past two weeks, logging losses in seven of nine sessions. The index has dropped 4.7% from record-high levels scaled on Sept. 27.
Domestic equities could open higher on the day, but a likely drop in IT stocks following a lower-than-expected quarterly profit from TCS, the country's top software company, and hotter-than-expected U.S. inflation reading are set to trigger profit-booking, said two traders.
The U.S.-listed shares of Indian IT companies Infosys INFY.NS and Wipro WIPR.NS fell 2.66% and 2.34%, respectively, overnight.
Wall Street equities dropped after data showed U.S. consumer prices rose slightly more than expected in September.
Markets, however, are pricing in a 25-basis-point U.S. rate reduction in November, with weekly jobless claims showing a climb, which could prompt the Federal Reserve to opt for a cut to support labour market and economy.
Asian markets were trading marginally higher, ahead of China's fresh fiscal stimulus package expected to be unveiled over the weekend. MKTS/GLOB
Foreign institutional investors continue to sell Indian shares for a ninth consecutive session, offloading a net 652.33 billion rupees ($7.77 billion) of stocks over the period.
Domestic institutional investors, however, remained buyers for the 13th straight session on Thursday, cushioning foreign outflows.
STOCKS TO WATCH
** Tata Elxsi TTEX.NS beats September-quarter profit estimates driven by transportation segment. nL4N3LM0YX
** IREDA INAR.NS posts rise in net profit in second quarter, gets government nod for setting up unit for retail business. nFWN3LM02P nFWN3LM0NG
** Mazagon Dock MAZG.NS gets order worth 1.22 billion rupees. nFWN3LM10G
($1 = 83.9570 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips
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