Indian shares set to open higher as US jobs data cools rate-hike fears

Indian shares are set to open higher Friday after a softer US jobs report eased worries about a near-term Federal Reserve rate increase, improving risk appetite for emerging markets.

GIFT Nifty futures were at 24,414 as of 7:43 a.m. IST, indicating the Nifty 50 could open above Thursday's close of 24,175.7.

US job growth slowed sharply in June and payroll gains for the prior two months were revised lower, pointing to a cooling labour market. Financial markets responded by dialing back expectations for a near-term rate hike.

Lower US interest rates encourage capital flows to emerging markets like India. Foreign portfolio investors (FPIs) sold Indian shares worth ₹312 crore on Thursday, according to provisional data. They have offloaded a record $29.46 billion worth of shares so far this year. Domestic institutional investors remained buyers for an eighth straight session on Thursday.

The benchmark Nifty 50 and the Sensex rose 1.3% in the last two sessions, mainly supported by a drop in crude oil prices.

** Bajaj Finance said new loans booked during the June quarter rose 20% from last year, while assets under management grew 24%.

** Punjab National Bank reported 11.7% growth in domestic advances during April-June, while deposits rose 8.6%.

** D-Mart operator Avenue Supermarts posted 15.1% growth in standalone revenue for the first quarter.

** Consumer goods maker Marico expects consolidated first-quarter revenue to grow in the low-twenties percentage range, helped by robust performance across its core, digital and international businesses.