Indian shares set to open higher ahead of RBI minutes, central bankers` meet
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Indian shares are set to open marginally higher on Wednesday amid mixed global market moves, with traders awaiting the Reserve Bank of India's policy meeting minutes and a key global central bankers' gathering.
India's GIFT Nifty on the NSE International Exchange was up 0.24% at 19,360.50 at 8:19 a.m. IST.
The Nifty 50 and Sensex closed little changed on Tuesday. The broader domestic-focussed indexes outperformed their blue-chip counterparts, with the midcaps hitting a fresh all-time high.
"The market is likely to trade in a range as investors await the annual gathering of global central bankers at Jackson Hole in Wyoming," said Siddhartha Khemka, head - retail research at Motilal Oswal Financial Services.
Asian shares held tight ranges on Wednesday, as investors awaited results from Nvidia to see if the sector's lofty valuations can withstand a jump in bond yields, while still gloomy factory readings from Japan left sentiment fragile.
Meanwhile, Wall Street equities were muted overnight ahead of U.S. Federal Reserve Chair Powell's speech at the Jackson Hole symposium on Friday. [MKTS/GLOB]
Investors also await the release of minutes of the RBI's latest monetary policy meeting on Thursday for cues into the central bank's rate trajectory.
Foreign institutional investors sold Indian shares on a net basis on Tuesday, offloading 4.95 billion rupees ($59.6 million), while domestic institutional investors bought shares worth 5.34 billion Rupees, according to provisional National Stock Exchange data.
STOCKS TO WATCH:
** Jio Financial Services: Newly-listed firm's 5% slide for second straight session on Tuesday to delay its removal from Nifty 50 and Sensex to August 28 from August 23.
** BEML: Co gets order worth 1.01 billion Rupees from Ministry of Defence for supply of command post vehicles.
** NBCC: Co sign memorandum of understanding with Delhi Metro Rail Corporation for infrastructure development.
** Brightcom: Market regulator Securities and Exchange Board of India (SEBI) bars two of the top executives of the company from holding directorial positions over irregularities in preferential share allotments.
