BENGALURU, Sept 27 (Reuters) - Indian shares are set to
open at fresh highs on Friday, riding the coattails of the
outsized U.S. rate cut last week, with IT stocks on the radar
after U.S. peer Accenture's ( ACN ) better-than-expected quarterly
profit.
The GIFT Nifty was at 26,342.50 points as of 8.07
a.m. IST, suggesting that the NSE Nifty 50 will open
above its close of 26,216.05 on Thursday.
The Nifty and the BSE Sensex have gained 3.3% and
3.5%, respectively, hitting all-time highs in six straight
sessions since the U.S. Federal Reserve's oversized rate cut
last Wednesday, which boosted hopes of higher foreign inflows in
emerging markets, including India.
Foreign institutional investors (FIIs) have net bought
shares worth 150.98 billion rupees ($1.81 billion) in the past
six days, per exchange data, higher than 134.52 billion rupees
in the six sessions before the rate cut.
IT companies, which have the second-heaviest
weightage among the major sectors and get a major portion of
their revenue from U.S. clients, will be in focus after U.S.
peer Accenture ( ACN ) posted better-than-expected quarterly
earnings due to strong demand for its AI services.
STOCKS TO WATCH:
* Biocon partners with Saudi pharma firm Tabuk
Pharmaceutical for the production of Glucagon-like peptide-1,
which helps with blood sugar levels and weight loss.
* Rites was the lowest bidder for a project by
Delhi Metro Rail Corp at a cost of 429.1 million rupees.
* RailTel Corp won an order worth 1.56 billion
rupees (about $19 million)
($1 = 83.6210 Indian rupees)