Indian shares seen opening lower on broader market weakness
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Indian shares may open lower on Thursday, after four straight sessions of gains, following broader dour sentiment for risky assets as U.S. Treasury yields surged on fears that the Federal Reserve will remain on its aggressive rate-hike path.
India's NSE stock futures listed on the Singapore exchange were down 0.81%, as of 0246 GMT. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.47%.[MKTS/GLOB]
The NSE Nifty 50 index ended up 0.14% at 17,512.25 on Wednesday, while the S&P BSE Sensex climbed 0.25% to 59,107.19.
In the previous session, the Indian rupee breached the key 83-per-dollar mark to fall to a record low, as spiking U.S. yields increased demand for the greenback, while local traders cited large corporate dollar outflows hitting the market.
Foreign institutional investors sold a net 4.54 billion Indian rupees ($54.71 million) worth of equities on Wednesday, while domestic investors bought net 9.08 billion rupees worth of shares, as per provisional data available with the National Stock Exchange.
Stocks to watch:
** Bharat Electronics Ltd said it had signed a memorandum of understanding with Triton Electric Vehicle for making hydrogen fuel cells.
** 7NR Retail Ltd said its board approved the issue of bonus shares in a 1:5 ratio.
** Shoppers Stop Ltd reported a September-quarter net profit of 181.4 million rupees, compared with a loss of 30.3 million rupees a year ago.
** Chemicals-to-sugar maker DCM Shriram Ltd reported a 19.2% fall in second-quarter profit on Wednesday.
** Private lender IndusInd Bank reported a bigger-than-expected jump in second-quarter profit on Wednesday, lifted by strong loan growth and a drop in provisions for bad loans.
($1 = 82.9880 Indian rupees)
