Indian shares set to open little changed
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Indian shares, which are a whisker away from record highs, are set to open little changed on Wednesday, with traders expecting further profit booking ahead of key macroeconomic data later this week.
The GIFT Nifty was trading at 25,002.5 as of 08:07 a.m. IST, indicating that the NSE Nifty 50 will open near its previous close of 25,017.75.
The Nifty 50, which has added about 3.6% in nine sessions, its longest daily winning run in 16 months, came within five points of a record high on Tuesday, helped by surplus liquidity.
Foreign institutional investors (FII) remained net buyers of Indian shares for a fourth session in a row on Tuesday, purchasing shares worth 15.04 billion rupees ($179.2 million) on a net basis.
Domestic institutional investors (DII) were also buyers of Indian stocks for 15 sessions until Monday.
Profit taking in overheated segments of the markets will likely continue further, two traders said, adding that caution has set in near record high levels, ahead of domestic growth data and U.S. inflation readings, due later in the week.
Asian markets opened lower on the day, with the MSCI Asia ex-Japan index shedding 0.4%. Wall Street equities closed marginally higher overnight ahead of a much-anticipated quarterly report from Nvidia and U.S. economic data.
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