(Reuters) - Indian shares are set to open marginally higher on Monday after surging to record highs in the previous two sessions, as sentiment improved on signs of moderating inflation in the United States.
India's GIFT Nifty 50 on the NSE International Exchange was up 0.14% at 19,371.50, as of 8:15 a.m. IST.
SGX Nifty, the early indicator of the Indian equity markets, shifted base from Singapore Exchange to NSE International Exchange, effective from Monday. All SGX Nifty positions have been converted to GIFT Nifty positions.
Wall Street equities rose on Friday, after the Personal Consumption Expenditures (PCE) report showed cooler-than-expection inflation in May.
Asian equities edged higher on Monday, with Japan's Nikkei leading gains after data showed business sentiment improved in the second half of 2023.
India's blue-chip Nifty 50 and Sensex indexes rallied to record highs on Friday, lifted by the gains in information technology and auto stocks.
Both the indexes logged their best quarterly performance since the quarter ended September 30, 2021.
Investors cited persistent buying by foreign investors, revival in monsoon, stable corporate earnings and strong macroeconomic fundamentals as key factors behind the recent rally.
On Friday, foreign institutional investors bought 63.97 billion rupees ($779.8 million) of Indian equities on a net basis, while domestic investors purchased 11.98 billion rupees of shares, as per provisional NSE data.
Stocks to watch
** Reliance Industries: Co and BP commence production from third deepwater field in India's KG D6 block. India's market regulator imposes penalty of 700,000 rupees on co's unit Reliance Strategic Investments.
** Housing Development Finance Corporation: Co approves July 1 as the effective date of merger into HDFC Bank; July 13 set as record date.
** Adani Transmission: Fortitude Trade and Investment sold 33.92 million shares at 789.17 rupees apiece. Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund bought over 14.05 million shares and GQG Partners Emerging Markets Equity Fund added 7.26 million shares, respectively, at 786.19 rupees per share.
** Maruti Suzuki: Country's largest car maker sold 159,418 units in June, up 2.3% Y/Y.