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(Reuters) – Indian shares are set to open higher on Monday on hopes that demand in China will pick up, even as concerns about a global recession persist.
Singapore-listed NSE futures of India were up 0.30% at 18,372.50, at 7:30 am IST.
Asian markets rallied after a mixed start on hopes that demand in China would pick up, with the MSCI Asia ex Japan rising 0.3%.
Reports said China planned to increase flights to boost the recovery of its air transport market. The decision comes after the world’s second-largest economy eased several restrictions from its zero-covid-19 policy last week.
Wall Street stocks fell on Friday as weak economic data added to recession fears, with the Dow Jones losing 0.85%, the S&P 500 down more than 1% and the tech-heavy Nasdaq Composite down nearly 1%.
Limiting gains in Indian markets could be oil prices, which stabilized after a sharp decline in the previous session on optimism over the easing of COVID-19 restrictions in China. Brent oil hovered around $80 per barrel. [O/R]
The rise in oil prices is negative for oil-importing countries like India, where crude oil accounts for the bulk of the import bill.
Foreign institutional investors sold shares worth 19.75 billion rupees ($238.80 million) on a net basis on Friday, while domestic investors bought 15.42 billion rupees ($186.44 million) worth of shares, according to provisional NSE data .
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First published: 19 December 2022, 08:06 IST
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