India's NSE stock futures listed on the Singapore exchange were up 0.19% at 17,722.50, as of 08:05 a.m. IST.
Indian equities tumbled in the previous two sessions and
closed at a three-month low on Friday, dragged by a short-seller
attack on Adani group companies, which triggered a sell-off in
banks.
The group faces a critical session today with the secondary
share sale of the flagship Adani Enterprises seeing
only 1% subscription on Friday. Wall Street equities closed higher on Friday after data
showed U.S. consumer spending fell for the second month in
December, signaling a slide in inflation and raising hopes of a
moderation in the pace of the Fed's rate hike at its policy
meeting scheduled later this week. Asian markets advanced on Monday, with the MSCI's broadest
index of Asia-Pacific shares outside Japan rising 0.18%. Besides the Fed's policy meeting, investors await rate
decisions from other global central banks such as the European
Central Bank and the Bank of England, later this week.
Investors will also shift focus to India's Union budget on
Feb. 1, with the government's fiscal consolidation path and
borrowing calendar for fiscal 2024 as triggers.
The Reserve Bank of India is expected to raise key policy
repo rate by 25 bps at its next policy meeting due a week after
the Union budget, ending the tightening cycle.
Foreign institutional investors sold 59.78 billion rupees
($733.41 million) worth of shares on a net basis on Friday,
while domestic institutional investors bought 42.52 billion
rupees ($521.65 million) of equities.
STOCKS TO WATCH
** Bajaj Finance : Co posts bigger-than-expected
rise in consolidated net profit in third quarter, aided by a
fall in provisions for bad loans.
** Vedanta : Co reports slide in consolidated net
profit in Q3, dragged by soft metal prices.
** Tata Elxsi : Co reports arise in consolidated net
profit in third quarter. ($1 = 81.5100 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Dhanya Ann Thoppil)
