India shares to open firm; Reliance, Airtel report

Enlarge Photo File photo of the Bombay Stock Exchange (BSE) building. REUTERS/Punit Paranjpe/Files

Thu, Jul 24 09:45 AM

MUMBAI (Reuters) - Indian shares are set to open stronger on Thursday, helped by falling oil prices and firmer Asian markets, but gains could be limited in a market that has risen almost 20 percent in the past five sessions.

Traders said investors would be cautious ahead of results from largest listed firm Reliance Industries and No.1 mobile firm Bharti Airtel and inflation data later in the day.

Data at 5:30 p.m is expected to show annual inflation to have risen to 12.03 percent on July 12, which would be the highest since annual numbers in the current series became available in April 1995.

"Oil is falling, Asia firm and there are no negative cues. We should have a positive day," Amabareesh Baliga, vice president at Karvy Stock Broking said. "Having said that, I'd also add we are entering a consolidation phase after the sharp rally up."

Oil fell to a seven-week low to $124 a barrel amid a view U.S. energy demand has reached a tipping point. Oil, which has contributed to India's inflation woes, has slid more than $23 a barrel from an all-time peak reached on July 11.

India's 30-share main share index rose 5.94 percent to 14,942.28 on Wednesday, its highest close in more than a month. However, it is still down more than a quarter in 2008.

At 0315 GMT, the MSCI index for Asia-Pacific markets outside of Japan had firmed 0.34 percent and Japan was up 1.3 percent.

The Nifty futures traded in Singapore rose 0.89 percent.

---------------------MARKET SNAPSHOT AT 0317 GMT----------------

INSTRUMENT LAST PCT CHG NET CHG

S&P 500 1282.19 0.41% 5.190

USD/JPY 107.73 -0.17% -0.180

10-YR US TSY YLD 4.1165 -- -0.004

SPOT GOLD $21.9 0.23% 2.150

US CRUDE $124.22 -0.18% -0.220

DOW JONES 11632.38 0.26% 29.88

ASIA ADRS 149.04 0.85% 1.25

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STOCKS TO WATCH

* ACC Ltd, Idea Cellular, Marico Ltd, MRF Ltd, Exide Industries, Aventis

Pharma, United Breweries and Piramal Healthcare are among the firms reporting quarterly results on Thursday.

* Somi Conveyor Beltings makes its debut on the stock exchange. It issued shares at 35 rupees each.

* Satyam Computer Services Ltd, India's No 4 software exporter, after it signed an agreement with U.S.-based Infospectrum to provide services for the aviation industry.

* Diversified Century Textiles & Industries, after it said it planned 63 billion rupees of capex over five years to invest across various divisions.

* Bliss GVS Pharma Ltd, after it said its board would meet on July 29 to consider a bonus share issue.

* Auto parts maker Sundaram Clayton Ltd, after its April to June net profit fell 65.7 percent.

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