Indian shares are set to rise on Friday, on a fall in crude oil prices, and on hopes of a global demand revival due to China's easing of strict COVID-19 restrictions.
India's NSE stock futures listed on the Singapore exchange were up 0.36% at 18,795 as of 7:25 a.m. IST.
The blue-chip indexes advanced on Thursday on the back of a rally in public sector banks, after state election trends in India indicated that the ruling Bhartiya Janata Party retained the key state of Gujarat.
Global equities rose after China, the world's second largest economy, announced a shift in policy and loosened anti-COVID-19 restrictions in a move that could restore global supply chains and curb inflation.
The S&P 500 snapped a five-day losing streak, while Dow Jones and Nasdaq Composite, too, logged gains. The optimism spilled over to commodity markets as well, with copper climbing on hopes of potential demand revival in China.
Asian markets also opened higher on Friday with the MSCI Asia ex-Japan rising nearly 1%.
Aiding the climb in domestic markets could be a further slide in oil prices, which fell for the fifth straight session to the lowest in 2022. A decline in crude prices is a positive for oil importing countries like India, where crude accounts for bulk of the import bill.
Foreign institutional investors sold 11.32 billion Indian rupees ($137.58 million) worth of equities on a net basis on Thursday, while domestic investors bought 7.72 billion rupees ($93.83 million) worth of shares, as per provisional NSE data.
Stocks To Watch:
** One 97 Communications: Co to consider share buyback proposal on Dec. 13.
** Hindustan Unilever: Co to acquire 100% stake in Zyview Ventures in a cash deal; to also buy 19.8% stake in Nutritionla for 700 mln rupees.
** Adani Enterprises: 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)