Indian equity benchmarks to open flat as foreign outflows keep sentiments cautious
India's equity benchmarks, which have logged four straight sessions of losses, are likely to open little changed on Thursday as concerns over foreign outflows and US visa curbs could keep investors cautious.
Gift Nifty futures were trading at 25,071 points as of 07:18 a.m. IST, indicating that the benchmark Nifty 50 will open near Wednesday's close of 25,056.9.
The 50-stock index has lost 1.4% in the last four sessions.
United States announced a $100,000 fee for fresh H-1B visa applications, raising concerns over operating costs for information technology firms, which rely on the U.S. for a large portion of its revenue.
Foreign portfolio investors have sold Indian shares worth 24.26 billion rupees ($273.43 million) on Wednesday, as per provisional data, taking their total selling in September to $1.32 billion.
Other Asian markets were muted, while Wall Street equities fell overnight as investors digested cautious comments from Federal Reserve Chair Jerome Powell on future rate trajectory.
Powell on Tuesday highlighted the need to balance the risk of high inflation and a weaker jobs market, spurring a drop in U.S. markets in the last two sessions. [MKTS/GLOB]
STOCKS TO WATCH
** Glenmark Pharmaceuticals' enters an exclusive licensing agreement with China's Jiangsu Hengrui Pharmaceuticals for its innovative cancer drug trastuzumab rezetecan
** Lupin receives tentative approval from the U.S. Food and Drug Administration for a HIV treatment drug that will be manufactured at its Nagpur facility
** Promoters of electrical goods maker Polycab India likely to sell 0.81% stake in the company for 8.88 billion rupees via block deal, as per media reports
($1 = 88.7260 Indian rupees)
