The Indian equity benchmarks are set to open on a flat note as indicated by the Nifty futures traded on the Singapore Exchange amid subdued global cues. The Nifty futures on Singapore Exchange also known as SGX Nifty futures declined 14 points to 15,840.
Asian shares were subdued on Wednesday with investors wary of any hint of hawkishness from the U.S. Federal Reserve given lofty asset valuations rely so heavily on an endless supply of super-cheap money.
A looming data dump on Chinese retail sales and industrial production offered another reason for caution, with some modest slowdown in annual growth expected.
Moves were modest, except in the oil market where prices hit the highest since April 2019 on a potent mix of post-pandemic demand and restricted production.
MSCI’s broadest index of Asia-Pacific shares outside Japan barely moved, while Chinese blue chips dipped 0.3 per cent.
Japan’s Nikkei eased 0.2 per cent, but South Korean stocks rose 0.6 per cent to a record high after five months of effort.
Back home, foreign institutional investors bought shares worth Rs 634 crore on Tuesday while domestic institutional investors sold shares worth Rs 649 crore.
Coal India will be in focus after the company said that it will reduce 5 per cent of its manpower each year for next 5-10 years.
Wipro will be in focus after the company said it has collaborated with Aachen, a Germany based company to open Innovation Lab for developing Software Defined Vehicles. The company expanded partnership with Levi Strauss & Co. to support digital commerce.
On the primary market front, Krishna Institute of Medical Science (KIMS) share sale via initial public offering will open for bidding today. The company is planning to sell shares in the price band of Rs Rs 815-825.
Shyam Metalics IPO which will close for bidding today was oversubscribed on second day of bidding while Sona BLW Precision Forgings Limited was subscribed 27 per cent.