Indian benchmarks set to open higher on optimism over US trade talks with China, India
India's benchmark indexes are poised to open marginally higher on Wednesday, mirroring gains in other Asian markets on signs of progress in trade talks between the US and its key trading partners such as India and China.
The Gift Nifty futures were trading at 25,183.50 as of 8:18 a.m. IST, indicating that the Nifty 50 will open above Tuesday's close of 25,104.25.
Other Asian markets rose at the open, with the MSCI Asia ex-Japan index gaining 0.4%, following an agreement between the US and Chinese negotiators on a trade deal framework in London, pending approval by their leaders.
Meanwhile, Indian and US officials made progress in bilateral trade talks in New Delhi, discussing key areas such as industrial goods, agriculture, tariff reductions and non-tariff barriers, according to Indian government sources.
The Indian benchmarks closed flat on Tuesday, snapping a four-session gaining streak, as profit booking in financials offset gains driven by optimism around the US-China trade talks.
Financials, IT stocks weigh on Indian equity benchmarks
'Consolidation seems like the current mood in Indian markets, but progress in global trade talks, improving liquidity and FPI interest can keep the bulls hopeful,' said Vikram Kasat, head of advisory of PL Capital.
Foreign portfolio investors remained net buyers of Indian shares for the third straight session on Tuesday, purchasing stocks worth 23.02 billion rupees ($269 million).
Domestic institutional investors were net buyers for the 16th straight session on Tuesday.
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