Indian shares are set to open higher on Friday, tracking firm global cues. Investors await wholesale price index-based inflation data for May slated for release later in the day to see if there is scope for the Reserve Bank of India to cut policy rates on June 17. The rupee movement will be crucial as the downward spiral, if continues, can increase inflationary pressure and fuel fears of capital outflows.
Benchmark indexes Sensex and the Nifty fell over a percent each on Thursday, mirroring weak Asian and European cues amid growing concerns about central banks' stimulus policies.
In corporate news, Wipro said it has received a tax demand of Rs 816.4 crore for 2008-09 fiscal arising primarily due to denial of deduction on profits earned by its undertaking in the Software Technology Park at Bangalore.
Jet Airways has appointed Australian national Gary Kenneth Toomey as its new Chief Executive Officer following the resignation of Nikos Kardassis.
Godrej Properties has signed a development agreement with Southend Infrastructure to develop a plot of land measuring 5.15 acres at Okhla Phase I in Delhi.
Asian Markets
Asian stocks are rebounding from sharp losses the previous day. Japan's Nikkei index is gaining 2.8 percent after a report in the Wall Street Journal suggested that Fed chairman Ben Bernanke will signal plans to keep interest rates low to ensure the economy keeps moving forward. Australia's All Ordinaries index is up 1.4 percent, Hong Kong's Hang Seng index is gaining 1.1 percent and South Korea's Kospi average is up half a percent.
U.S. And European Markets
U.S. stocks gained ground overnight, with the Dow snapping a three-day losing streak to end above the key 15,000 level, as a pair of upbeat reports on first-time claims for unemployment benefits and retail sales helped investors shrug off sharp losses elsewhere in Asia. The Dow rose 1.2 percent, the tech-heavy Nasdaq gained 1.3 percent and the S&P 500 added 1.5 percent.
European stocks turned in a mixed performance on Thursday, as investors weighed positive U.S. economic data against the uncertainties related to the possibility of the Federal Reserve tapering its monthly bond-buying program in coming months. The German DAX slid 0.6 percent and the SMI of Switzerland slipped 0.4 percent, while France's CAC 40 and the U.K.'s FTSE 100 edged up marginally.
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