BENGALURU, Dec 9 (Reuters) – Indian stocks are expected to rise on Friday, on lower crude oil prices and hopes of a recovery in global demand as China eases restrictions restrictions related to COVID-19.
India’s NSE equity futures listed on the Singapore exchange rose 0.36% to 18,795 at 7:25 a.m. IST.
Blue chip indices advanced on Thursday on a rally in public sector banks, after election trends in India indicated that the ruling Bhartiya Janata party retained the key state of Gujarat.
Global stocks rose after China, the world’s second-largest economy, announced a policy shift and eased anti-COVID-19 restrictions in a move that could restore global supply chains and curb inflation . Read more
The S&P 500 (.SPX) snapped a five-day losing streak, while Dow Jones (.DJI) and Nasdaq Composite (.IXIC) also posted gains. Optimism also spread to commodity markets, with copper rising on hopes of a potential demand recovery in China.
Asian markets also opened higher on Friday, with the MSCI Asia ex-Japan rising almost 1%.
A further decline in oil prices, which have fallen for the fifth consecutive session to the 2022 low, could contribute to the rise in domestic markets. A drop in crude prices is positive for oil-importing countries like India, where crude accounts for the bulk of the import bill.
Foreign institutional investors sold 11.32 billion Indian rupees ($137.58 million) of shares on a net basis on Thursday, while domestic investors bought 7.72 billion rupees ($93.83 million). dollars) of stocks, according to preliminary data from the NSE.
Actions to watch:
**One 97 Communications (PAYT.NS): Co will consider the stock buyback proposal on Dec. 13. Learn more
**Hindustan Unilever (HLL.NS): Co to Acquire 100% Stake in Zyview Ventures in Cash Transaction; to also buy a 19.8% stake in Nutritionla for 700 million rupees.
** Adani Enterprises (ADEL.NS): Co acquires 100% stake in Alluvial Mineral Resources.
($1 = 82.2800 Indian rupees)
Reporting by Bharath Rajeswaran and Akansha Victor in Bengaluru; Editing by Dhanya Ann Thoppil
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