India's equity benchmarks seen opening higher, tracking Asian peers

 India's equity benchmarks seen opening higher, tracking Asian peers

Refinitiv1 min read

NIFTY −0.33%

SENSEX −0.27%

INDUSINDBK−1.80%

COFORGE−1.46%

India's benchmark indexes are likely to open higher on Monday tracking gains in Asian peers on China's fresh measures to revive consumption.

The GIFT Nifty futures (GIFc1) were at 22,579.5 as of 08:06 a.m. IST, indicating that the blue-chip Nifty 50 

NIFTY

 will likely open above Thursday's close of 22,397.20.

U.S. stocks rose sharply on Friday on bargain hunting after their recent decline, which also aided Asian stocks.

Indian markets were closed on Friday for a local holiday.

China on Sunday unveiled a "special action plan", which included measures to increase residents' income and establishing a childcare subsidy scheme, as it looks to revive its economy.

The measures can aid commodity stocks in India, particularly metals, as China is the biggest consumer of metals.

The MSCI Asia ex Japan (.MIAPJ0000PUS) was up around 1%. Technology stocks drove Japan and South Korea higher, following the gains on Wall Street.

India's benchmark indexes fell 0.7% last week. The Nifty 50 and Sensex 

SENSEX

 are down around 15% and 14%, respectively, from their record highs of late-September amid global tariffs, weak domestic earnings and sustained foreign outflows.

Foreign portfolio investors have sold Indian shares worth over $28 billion since the market's peak in September, including 7.92 billion rupees ($91.1 million) on Thursday as per provisional numbers.

STOCKS TO WATCH

** IndusInd Bank 

INDUSINDBK

 will be in focus after the Reserve Bank of India said the private lender's financial health remains stable; its shares dropped 28.2% last week on a net worth hit due to discrepancies in derivative accounts

** Morgan Stanley adds Coforge 

COFORGE

 and Interglobe Aviation 

INDIGO

 into its India focus list, removes Infosys 

INFY1!

 and Mahindra & Mahindra 

M&M

 to accommodate the addition

** Tejas Networks 

TEJASNET

 receives 1.23 billion rupees incentive under the production-linked incentives scheme

** Ola Electric 

OLAELEC

 shares will be in focus after reports said two of its key vehicle registration service providers filed insolvency pleas against its unit