Indian shares are set to open marginally higher on Friday, with the focus on IT stocks after Tata Consultancy Services kicked off the earnings season for local tech majors on a dour note as it reported a quarterly profit miss. The Gift Nifty was trading at 25,102, as of 8:24 a.m. IST, indicating that the benchmark Nifty 50 will open slightly above its close of 24,998.45 on Thursday. Domestic equities could open higher on the day, but a likely drop in IT stocks following a lower-than-expected quarterly profit from TCS, and hotter-than-expected US inflation reading are set to trigger profit-booking, said two traders. Asian markets were trading marginally higher, ahead of China's fresh fiscal stimulus package expected to be unveiled over the weekend. Foreign institutional investors continue to sell Indian shares for a ninth consecutive session, offloading a net ₹652.33 billion ($7.77 billion) of stocks over the period.

Source: The Hindu October 11, 2024 15:30 UTC