India equity benchmarks to open flat on subdued global sentiment
India's equity benchmarks are likely to open little changed on Wednesday amid subdued global sentiment and as investors await fresh domestic triggers to push the market higher after the recent gains.
The Gift Nifty futures were trading at 25,969 points, as of 08:06 a.m. IST, indicating that the Nifty 50 could open near Tuesday's close of 25,910.05.
The 50-stock index fell 0.4% on Tuesday, snapping a six-session winning streak, in which it gained about 2%. The index sits 1.4% below its record high level hit in September 2024.
Sentiment globally was subdued, with U.S. stocks dropping overnight on valuation worries, while Asian markets were muted after a sharp correction in the previous session. [MKTS/GLOB]
"With risk assets under pressure globally, sentiment on the domestic front is likely to remain cautious in the near term," said Ponmudi R, chief executive officer of Enrich Money.
Investor focus will be on the minutes from the Federal Reserve's latest policy meeting, due later in the day, and the September non-farm payrolls report on Thursday, which was delayed due to the government shutdown.
The two will be crucial for investors to assess whether the Fed will cut rates in December.
The odds of a 25-basis-point rate cut next month have dropped over the last week. Higher U.S. rates make investments in emerging markets such as India less attractive for overseas investors.
Foreign investors sold Indian shares worth 7.29 billion rupees ($82.34 million) on Tuesday, while domestic investors were buyers for a nineteenth consecutive session, purchasing stocks worth 23.95 billion rupees.
STOCKS TO WATCH
** IT company Infosys to launch its 180-billion-rupee share buyback on November 20 at a price of 1,800 rupees per share
** Tata Consultancy Services bags five-year deal from NHS Supply Chain to transform healthcare delivery using artificial intelligence and cloud infrastructure
** Azad Engineering signs aircraft engine parts deal with Pratt & Whitney Canada to develop and make aircraft engine components
($1 = 88.5300 Indian rupees)
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