Dec 17 – India’s equity benchmarks are likely to open flat on Wednesday, tracking Asian markets, after mixed signals from U.S. jobs data failed to move the needle on interest rate outlook.
Persistent foreign outflows from Indian equities and a depreciation in rupee also continue to weigh on sentiments amid a delay in potential trade deal between India and the United States.
The Gift Nifty futures were trading at 25,925 points as of 7:4 a.m. IST, indicating that the benchmark Nifty 50 will open near Tuesday’s close of 25,860.1.
Asian markets were muted as mixed U.S. jobs data reading left investors awaiting further cues for their next move.
U.S. job growth rebounded more than expected in November, but the unemployment rate rose to a four-year high of 4.6%. Investors will now watch U.S. consumer price inflation data for November due on Thursday.
A sharply divided Federal Reserve cut rates last week but signaled a pause on further easing in the near term. Higher interest rates in the U.S. make emerging markets such as India less attractive to foreign portfolio investors.
Foreign investors sold Indian shares worth 23.8 billion rupees on Tuesday, marking their eighth consecutive session of selling, as per provisional data.
** Shriram Finance says its board will meet on December 19 to discuss a proposal for fundraise via rights issue or qualified institutional placement
** Promoter Imperial Chemical Industries is likely to sell up to a 9% stake in Akzo Nobel India through a block deal, CNBC-TV18 reports
** Government will sell up to 3% stake in state-owned Indian Overseas Bank via offer for sale at a floor price of 34 rupees per share
This article was generated from an automated news agency feed without modifications to text.
