Indian shares are poised for a positive opening on Friday morning, indicated by slightly higher GIFT Nifty futures and a favorable overnight performance on Wall Street.
Thursday's upbeat economic data, strong fourth-quarter earnings from Micron, and anticipations of further interest rate reductions by the Federal Reserve buoyed major U.S. indices to a positive close.
Asian stocks are also on the rise, following Wall Street's lead and benefiting from the Chinese government's commitment to introduce additional stimulus measures to bolster economic growth.
Indian equities surged to new record-high closing levels on Thursday. This rise was fueled by remarks from a number of Federal Reserve officials who hinted at the possibility of another significant rate cut. Additionally, a notable drop in oil prices enhanced market sentiment, following reports that Saudi Arabia, the de facto leader of OPEC, was willing to increase oil production to regain market share.
Data from the CME FedWatch tool indicates that the likelihood of a substantial 50-basis point rate cut in November remains above 60%.
The 30-share BSE Sensex benchmark leaped 666.25 points, or 0.78%, to 85,836.12. Meanwhile, the broader NSE Nifty index advanced 211.90 points, or 0.81%, closing at 26,216.05.
In corporate news, KEC International Limited successfully raised over ₹870 crore through a qualified institutional placement of shares priced at ₹955 each.
Biocon Limited has entered into a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company, a wholly-owned subsidiary of Astra Industrial Group. This agreement will make Biocon's GLP-1 products for treating diabetes and chronic weight management available in select Middle Eastern countries.
Adani Green Energy Limited announced the completion of a 1,150 MWac joint venture with TotalEnergies. As part of this venture, TotalEnergies invested $444 million in AGEL's subsidiary, acquiring a 50% stake in solar projects located at the world's largest renewable energy plant in Khavda, Gujarat.
