Domestic shares likely to extend uptrend; IT stocks in focus

The domestic markets will likely open higher on Thursday, in line with Asian peers, as softer US data boosted hopes for a rate cut in September.

The GIFT Nifty was trading at 24,460 as of 8:04 a.m. IST, indicating the Nifty 50 will open above Wednesday’s close of 24,286.50, which was an all-time closing high.

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Asian peers rose on renewed bets that the Federal Reserve may start cutting rates in September following soft labour data in the world’s largest economy.

US rate-sensitive IT stocks will be watched.

Shares of Bajaj Finance will also be watched after the non-bank lender reported a 31 per cent growth in assets under management and a 26 per cent rise in deposits book at the end of June.

Domestic investors sold Indian shares worth ₹924 crore ($110.7 million) on a net basis on Wednesday, while foreign investors net bought stocks worth ₹5,484 crore, according to exchange data.

STOCKS TO WATCH:

** Tata Steel: Company gets National Company Law Tribunal’s approval for merger of Angul Energy into itself

** Suryoday Small Finance Bank: Lender reports 42% year-on-year growth in gross advances in June quarter

** Vedanta: Company posts 3% year-on-year growth in aluminum production in June quarter

** Brigade Enterprises: Company signs joint development deal for a residential project in Bengaluru, with a gross development value of 11 billion rupees

($1 = 83.4900 Indian rupees)