Indian shares set to open higher on hopes of easing global trade woes
June 4 (Reuters) - 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 (.NSEI), opens new tab close of 24,542.50 on Tuesday.
Other Asian markets opened higher, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS), opens new tab 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.
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.
** Wipro wins a multi-year deal with Entrust to provide strategic resources, scale and agility to help Entrust accelerate its growth.
** Ashok Leyland (ASOK.NS), opens new tab bags order worth 1.84 billion rupees to supply diesel chassis and fully built buses.
** Zydus Lifesciences (ZYDU.NS), opens new tab enters into a definitive deal to buy two U.S.-based biologics manufacturing facilities from Agenus for $75 million.
($1 = 85.6480 Indian rupees)
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