SGX Nifty gains over 1 pct, Infosys earnings, IIP on watch

Written by Reuters | Singapore | Updated: Oct 11 2013, 14:22pm hrs
Singapore exchangeAsian stocks jumped to three-week highs, propelled by gains on Wall St as investors cheered perceived progress to avert a possible US default.
Nifty futures on the Singapore Exchange are up 1.1 per cent, while the MSCI-Asia Pacific index, excluding Japan gains 1.25 per cent.

Asian stocks jumped to three-week highs on Friday, propelled by gains on Wall Street as investors took a chance and cheered perceived progress to avert a possible U.S. default, even as questions remained over whether a deal could be struck.

Foreign institutional investors bought Indian shares worth 6.14 billion rupees on Thursday, exchange data shows.

Infosys Ltd, India's No 2 software services company, will report second-quarter earnings.

While earnings would be the main focus, India's economic data namely industrial output on Friday and inflation prices on Monday are keenly awaited to find more bright spots in the economy after September trade data came in better than expected.

India likely saw little respite from high inflation levels in September as prices of food and imports continued to climb despite a relief rally in the battered rupee, a Reuters poll found.

Indian manufacturers increased production in August, although at a slower pace than in July, as infrastructure output rose, but access to cash was tougher, a Reuters poll found.