India's stock market looks set to start Friday on a higher note, with a few big stories shaping the mood.
Market outlook for Friday
The Gift Nifty futures were at 26,338 points early this morning, suggesting the Nifty 50 could open above Thursday's close of 26,146.55. Over the week the 50‑stock index has risen about 0.4% and the BSE Sensex is up roughly 0.2%, despite thin trading because many markets were on holiday for Christmas and New Year.
Key drivers
- Fast‑food merger: Sapphire Foods, which runs KFC in India, and Devyani International, the Pizza Hut franchisee, are joining forces in a $934 million deal. The combined company will become a major fast‑food player in the country.
- Bank growth: South Indian Bank reported that its gross advances grew 11.3% and deposits rose 12.2% by the end of December, showing solid credit and deposit activity.
- Hero MotoCorp sales: The motorcycle maker saw a 40% jump in December sales, driven by strong demand for scooters and good performance in its overseas business.
Foreign fund activity
Foreign portfolio investors sold about 32.69 billion rupees worth of Indian shares on Thursday. This marks the seventh straight day of outflows, keeping the overall market sentiment cautious.
What investors should watch
With quarterly earnings coming up, investors will be paying close attention to business updates from banks and other companies. Those updates can give clues about whether earnings growth is picking up again.
Remember, this is perspective, not a prediction. Do your own research before making any investment decisions.