Indian equity benchmarks set to open higher tracking Asian stocks
June 5 (Reuters) - India's benchmark indexes are likely to open higher on Thursday, mirroring gains in Asian peers, while Treasury yields and the U.S. dollar dipped.
Gift Nifty futures were trading at 24,733.5 as of 8:00 a.m. IST, indicating a firm start above Nifty 50's (.NSEI), opens new tab previous close of 24,620.2.
MSCI Asia ex Japan (.MIAPJ0000PUS), opens new tab was up 0.8%, led by South Korean shares, which rose to an 11-month high on post-election optimism, and Hong Kong stocks.
U.S. stocks ended mixed overnight, while Treasury yields and the dollar fell, as data showed a contraction in the services sector for the first time in a year. Investors now await U.S. employment data due later in the week.
Yields move inversely to prices, and lower yields bode well for equities in emerging markets such as India.
Foreign investors snapped a three-day selling streak in India on Wednesday as they bought shares worth 10.76 billion rupees ($125.3 million), as per provisional data.
Meanwhile, domestic institutional investors remained buyers for the twelfth session in a row.
Back home, investors are waiting for the Reserve Bank of India's policy decision on Friday, where it is widely expected to cut key lending rates by 25 basis points for a third straight meeting.
** Hindustan Aeronautics (HIAE.NS), opens new tab says it is in talks with General Electric engines for the LCA Mark 2 aircraft, adds it is not negotiating with any other companies for the engine
** The National Company Law Tribunal approves the merger of Fusion Cosmeceutics and Just4Kids Services with Honasa Consumer (HONA.NS), opens new tab
** Force Motors (FORC.NS), opens new tab posts rise in both domestic and total sales in May
** Gland Pharma (GLAD.NS), opens new tab says France's medical regulator issued a final report with 11 observations for Cenexi's manufacturing unit
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