Indian benchmark indices are set for a firm opening on Friday after positive global cues, with GIFT Nifty indicating gains in early trade. GIFT Nifty was trading 155.50 points, or 0.64%, higher, signalling a positive start for domestic equities. Meanwhile, gold prices advanced after weaker-than-expected U.S. employment data reduced expectations of further interest rate hikes by the Federal Reserve.
GIFT Nifty rose approximately 155.50 points, or 0.64%, indicating a firm opening for India's benchmark equity indices. Global investors remain focused on U.S. monetary policy, economic data and corporate developments in India. Asian markets, however, traded mixed.
MSCI's Asia-Pacific index excluding Japan posted modest gains, while South Korea's Kospi remained under pressure due to weakness in U.S. semiconductor companies.
Weaker-than-expected U.S. employment data shifted market expectations, with investors assessing that softer economic activity could lead the Federal Reserve to refrain from raising interest rates in the near term. The outlook increased demand for gold as a safe-haven asset.
Spot gold prices rose about 0.5%, while U.S. gold futures gained nearly 0.8%. Gold is also on track for its first weekly gain after five consecutive weeks of declines.
Several companies are expected to remain in focus following first-quarter business updates, new projects and corporate announcements.
Maruti Suzuki inaugurated its new vehicle manufacturing facility at Kharkhoda, Haryana. The project involves an investment of approximately ₹35,000 crore and has an initial annual production capacity of 500,000 vehicles, which is planned to be expanded to 1 million units in the future. The facility is being developed on a green energy-based manufacturing model.
Adani Enterprises announced plans to develop an integrated greenfield aluminium project in Odisha at an estimated cost of approximately ₹1.1 lakh crore through a joint venture with IHC Group. The company's Qualified Institutional Placement (QIP) also remains in focus.
Tata Motors' subsidiary Jaguar Land Rover reported declines in first-quarter wholesale and retail sales, attributing the performance to supply chain disruptions, global geopolitical challenges and production adjustments ahead of new model launches.
Marico projected revenue growth of more than 20% in the first quarter, supported by domestic demand and improvement in its international business. The company also expects an improvement in operating profit due to lower raw material costs.
Hindustan Zinc reported higher refined zinc production during the first quarter. CSB Bank, Punjab National Bank and Mahindra & Mahindra Financial Services reported growth in their businesses and loan disbursements.
Other developments expected to draw investor attention include higher coal supplies by Coal India, a new government contract awarded to RailTel Corporation, Varun Beverages' international restructuring plan, and the removal of restrictions on new customer acquisition for Yes Bank's broking unit.
Indian equity markets closed higher for the second consecutive session in the previous trading session, supported by broad-based buying.
The Sensex advanced 579 points to close at 77,502, while the Nifty settled above 24,175.
Information technology stocks led the gains, with Infosys, TCS, Tech Mahindra and HCL Technologies among the top performers. Some automobile and banking stocks, however, witnessed limited pressure.
