Indian shares poised to rebound as Fed-hike fears, oil prices ease

Business Recorder reported that Indian equities were expected to start higher on Monday, after the benchmark Nifty 50 and Sensex each logged an eighth straight weekly decline. GIFT Nifty futures traded at 22,639 points early in the session, pointing to a positive opening after the Nifty 50 closed at 22,421.95 on Thursday, with trading closed on Friday because of a holiday.

Sentiment improved after US employment figures came in below forecasts, lowering expectations of a Federal Reserve rate increase later this month and supporting assets in emerging economies. Brent crude fell by 0.6%, reaching $101.6 a barrel on Monday, as Middle East shipments rose and G7 countries jointly released crude stocks, easing near term supply concerns.

Foreign portfolio investors were net sellers for a sixth consecutive session on Thursday, pulling out shares worth 94.84 billion rupees, based on provisional NSE figures. Domestic institutions bought equities worth 100.42 billion rupees on the same day. HDFC Bank named Anup Bagchi its next CEO, a role lasting three years. He currently serves as managing director and chief executive of ICICI Prudential Life Insurance, and would be the first outsider to lead HDFC Bank.