India's equity benchmarks to open higher as firm US data boosts global sentiment
The Gift Nifty futures were trading at 25,185.5 points as of 8:04 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open above Thursday's close of 25,111.45.
Asian stocks rose on the day, with MSCI's broadest index for Asia-Pacific stocks outside Japan (.MIAPJ0000PUS), opens new tab up 0.7%, while S&P 500 (.SPX), opens new tab and Nasdaq (.IXIC), opens new tab notched record closing highs overnight.
On Thursday, data showed U.S. retail sales rose after two months of decline in June, while fewer-than-expected jobless claims were filed last week, indicating resilience in the world's largest economy, which boosted investor confidence globally.
In India, benchmark Nifty is down 0.2% so far this week, after logging two straight weekly losses amid a weak start to the earnings season, particularly from IT majors such as Tata Consultancy Services (TCS.NS), opens new tab and HCLTech (HCLT.NS), opens new tab.
Bucking that trend, Wipro (WIPR.NS), opens new tab beat earnings expectations on Thursday, boosted by improved client spending in parts of its Americas business. The IT company's U.S.-listed shares jumped 3.4% following the results.
Its peer LTIMindtree (LTIM.NS), opens new tab narrowly missed revenue estimates for the June quarter as persistent inflation, weak demand and U.S. trade policy uncertainties delayed non-essential tech projects.
Meanwhile, Axis Bank's (AXBK.NS), opens new tab UK-listed shares slipped nearly 5% on Thursday after the lender posted an unexpected drop in first-quarter profit due to an increase in bad loans after a one-time industry benchmarking exercise.
Reliance Industries (RELI.NS), opens new tab and JSW Steel (JSTL.NS), opens new tab will also be in focus on Friday, as the companies are scheduled to report their first-quarter earnings.
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