Indian shares are set to open little changed on Thursday, tracking weakness in Asian peers on worries over China’s economy and Wall Street on interest rate concerns.
At 7:54 a.m. IST, India’s GIFT Nifty on the NSE International Exchange was down 0.07% at 19,398.50.
US equities fell overnight after minutes from the Federal Reserve’s most recent policy meeting revealed that members were divided on the need for additional rate hikes.
Asian markets fell, dragged down by concerns about China’s economy in light of recent data. MSCI Asia ex-Japan (.MIAPJ0000PUS) fell 0.95%.
The Nifty 50 and Sensex in India have gained marginally in the last two sessions, demonstrating relative resilience in comparison to their global peers.
However, after setting new record highs, the benchmarks have fallen for three weeks in a row. Despite the decline in benchmarks, the winning streaks of domestic-focused smallcaps (.NIFSMCP100) and midcaps (.NIFMDCP100) remained intact.
Analysts expect the current consolidation to continue in the near term, owing to risk aversion in global equities and concerns about domestic inflation.
According to preliminary National Stock Exchange data, foreign institutional investors purchased Indian shares worth 7.23 billion rupees ($86.88 million), while domestic institutional investors purchased shares worth 24.06 billion rupees.
Stocks to Watch
Adani Power (ADAN.NS): GQG Partners acquires an 8.1% stake in the company through block deals for $1.1 billion, according to a source with direct knowledge of the matter.
Aurobindo Pharma (ARBN.NS): Drugmaker to launch HIV Triple Combination Product under voluntary licence from ViiV Healthcare.
JSW Energy (JSWE.NS): According to Bombay Stock Exchange data, GQG Partners acquires 10.28 million shares (0.62% stake) at an average price of 341.7 rupees per share.
Power Grid Corporation of India (PGRD.NS): The company commissions assets under the North Eastern Region Strengthening Scheme-VI and receives commercial operations notification.
(1 US dollar = 83.2173 Indian rupees)