Indian shares set to rise mirroring global equities

Indian shares are set to open higher on Thursday, tracking gains in global equities following positive U.S. economic data, although hawkish commentary from the minutes of the Reserve Bank of...

Indian shares set to rise mirroring global equities

India's NSE stock futures listed on the Singapore exchange were up 0.53% at 18,346.50, as of 7:40 a.m. IST. Wall Street equities rose sharply on Wednesday after data showed that consumer confidence in the world's largest economy rose to an eight-month high in December.

However, existing home sales plunged 7.7% in November, extending the fall for the tenth straight month, underlining the fears of recession. Asian markets also advanced after the bounce in U.S. shares, with the MSCI Asia ex Japan rising 1.41%.

[MKTS/GLOB] Capping gains in the domestic equities could be the hawkish remarks from the RBI's December policy meeting minutes. A majority of the members of the monetary policy committee said that the RBI cannot "afford to prematurely pause its rate tightening cycle" with inflation remaining "unconscionably elevated". India's retail inflation eased below the RBI's upper tolerance limit of 6% for the first time in 2022 in November, but core inflation stayed above 6%.

Foreign institutional investors sold 11.19 billion rupees ($135.01 million) worth of equities on a net basis on Wednesday, while domestic investors bought 17.57 billion rupees ($211.99 million) worth of shares, as per provisional NSE data. Stocks To Watch: ** Adani Enterprises: Co's subsidiary Adani Solar aims to add 2 giga watt of monocrystalline silicon ingot and wafer capacity by end of 2025. ** Torrent Pharmaceuticals: Co approves scheme of amalgamation for merger of subsidiary Curatio Health care with itself.

** Kalpataru Power: National Company Law Tribunal sanctions scheme of amalgamation of JMC Projects with company. ** Bandhan Bank: Lender receives binding bid from an asset reconstruction company for 8.01 billion rupees. ($1 = 82.8800 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng)