Indian shares set to open higher on hopes of easing global trade woes
India's benchmark indexes are poised to open higher on Wednesday, tracking other Asian peers as hopes of a potential breakthrough in U.S.-China trade negotiations buoyed sentiment.
Gift Nifty futures were trading at 24,723 as of 8:06 a.m. IST, indicating a firm start above Nifty 50's close of 24,542.50 on Tuesday.
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Other Asian markets opened higher, with the MSCI Asia ex-Japan index rising 0.9%, following Wall Street's overnight gains.
U.S. equities rose overnight after the White House signaled that President Donald Trump will likely meet Chinese President Xi Jinping this week to advance trade talks.
Financials, IT weigh on Indian shares; Adani stocks slip on report of US probe
The Trump administration wants countries to submit their best offer for negotiations by Wednesday, as officials seek to accelerate talks with multiple trading partners ahead of a self-imposed deadline in just five weeks, according to a draft letter to negotiating partners viewed by Reuters.
Meanwhile, foreign portfolio investors (FPI) sold Indian shares for the third straight session on Tuesday, with outflows amounting to 28.54 billion rupees ($333.2 million).
The domestic institutional investors (DII) remained net buyers for eleven sessions in a row.
The Nifty declined for three consecutive sessions till Tuesday as global trade uncertainty overshadowed strong domestic macroeconomic data, including a robust March-quarter growth.
Rate-sensitive sectors will be closely watched ahead of the Reserve Bank of India's policy decision on Friday.
The central bank is widely expected to cut interest rates to support growth.
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