Traders will also watch the budget for any incentives to
entice foreign investors, who have piled out of the market.
Foreign institutional investors have sold 288.52 billion
Indian rupees ($3.53 billion) worth of shares on a net basis in
2023 so far, according to official data.
The U.S. Federal Reserve's rate decision is also due later
in the day, which is key for Indian firms with major exposure to
the United States.
Wall Street equities advanced overnight and Asian markets
rose, as signs of a slowdown in U.S. wages bolstered hopes that
the Fed could hint at an end to interest rate hikes at its
meeting. STOCKS TO WATCH
** Auto stocks: Tata Motors , Maruti Suzuki , Bajaj Auto , Hero MotoCorp HROM.NS>,
Mahindra and Mahindra , Ashok Leyland will be
in focus ahead of monthly sales volume numbers for January
** Coal India : Co reports surge in consolidated
net profit in Q3 on higher demand.
** Power Grid : Co reports rise in consolidate net
profit in third quarter, approves dividend of 5 rupees per
share.
** KPIT Technologies : Co reports rise in
consolidated net profit in Q3. ($1 = 81.7240 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; editing by
Eileen Soreng)
BENGALURU, Feb 1 (Reuters) - Indian shares are set to
open higher on Wednesday ahead of the Union budget, as investors
look for major triggers for the near-term trajectory of the
market.
India's NSE stock futures listed on the Singapore exchange were up 0.59% at 17,857.50 as of 07:42 a.m. IST.
The budget will be presented at 11:00 a.m. IST, in which the
Indian government will likely seek to lower its fiscal deficit
while offering incentives for investment.
This is the last full-year budget before the national
elections in 2024 and key state elections later this year. Infrastructure spending, measures to aid long-term growth,
the government's fiscal consolidation path and the borrowing
calendar for fiscal 2024 are seen as key triggers for the
market.
India has pegged its economic growth at 6-6.8% in the
2023/24 fiscal year, the slowest in three years, at its
pre-budget economic survey on Tuesday.
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