Indian shares set to open lower, strong GDP data could cap losses

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Indian stocks are set to open lower on Thursday after snapping three straight sessions of gains, trailing their Asian peers, while strong domestic growth data may cap losses.

Singapore-listed stock futures were down 0.31% at 18,606 as of 8:02am IST.

However, losses may be capped as government data has shown India’s economic growth accelerates to 6.1% In the March quarter, it expanded faster than 5.0% of economists in a Reuters poll expected.

Nifty 50 and S&P BSE Sensex posted gains for three consecutive months, adding more than 2% each in May, buoyed by strong corporate earnings results and sustained foreign inflows into the stock.

Also read: Nifty 20,900 fair value: Ambit Capital

While US Labor Department data showed continued strength in the labor market, comments from two federal policymakers indicated that they were not supportive of a rate hike in June.

Foreign institutional investors (FIIs) bought ₹3,406 crore of Indian shares on Wednesday, while local investors sold ₹2,529 crore of shares on a net basis, according to interim NSE data.

Stocks to watch

Indian Coal Company Limited: The Indian government is proposing to sell up to 3% of the shares in the state-owned mining company at a floor price of INR 225 per share.

Adani Total Gas Limited, Adani Transmission Ltd: MSCI says Adani Total Gas and Adani Transmission will be It has been removed from the MSCI World Standard Indexes As of June 1st.

United Drilling Tools Ltd: The company secured a work order of Rs. 72 crore.