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Benchmark indices are likely to open higher tracking gains in their Asian peers. Some volatility may be expected later in the session ahead of the release of second quarter GDP data by the government later in the day.
At 8:25AM, the early indicator SGX Nifty was up 39 points at 8,594.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 389.73 crore on Thursday, as per provisional stock exchange data.
Japanese shares are edging higher with Nikkei gaining close to 1% on depreciation in yen and fall in global crude prices which is likely to stimulate global demand. Sentiments also recieved a boost as the Japanese industrial output increased by 0.2% for the month of October, posting second straight month of growth and jobless claims fell.
Meanwhile, Chinese shares are trading mixed. Hang Seng index has lost around 0.3% on speculations about further rate cuts from China. Shanghai Composite index is trading flat.
US markets were closed on Thursday and will trade only for half-day on Friday on account of Thanksgiving holidays.
Stocks to watch
Oil and gas shares like ONGC, GAIL and RIL will be in focus as Brent crude prices have fallen to a 4.5 year low of $72.3 per barrel. Earlier, OPEC countries in their Vienna convention decided not to cut supplies to restrict the fall in crude prices.
ITC will be in focus on reports that the company plans to invest about 9,000 crore in the next four to five years to increase its number of hotels to 150.
Dr Reddy Lab may come under pressure as the company has received a letter from U.S. Food and Drug administration highlighting concerns about its manufacturing plant in the southern Indian state of Andhra Pradesh.
Just Dial may witness fresh buying on receiving approval from RBI to raise the foreign shareholding limit to a maximum of 75%.
