The Indian benchmark indices are set to open lower on Thursday amid weak cues from other Asian peers.
The Asian markets have opened on a lower note after the Federal Reserve raised interest rates and took a more hawkish tone while concerns about US-China trade frictions kept investors on edge, while Wall Street closed lower in the previous trading session after the US Federal Reserve raised interest rates as expected and projected a slightly faster pace of rate hikes this year.
On the economy front, markets may react to a report from Fitch Ratings which raised India growth forecast for 2018-19 to 7.4 percent from 7.3 percent, but cited higher financing costs and rising oil prices as risks to growth. Also, the RBI said that Current account deficit (CAD) jumped over three times to USD 48.7 billion, or 1.9 percent of the country's GDP, in FY18 from USD 14.4 billion or 0.6 percent in the previous year, driven by higher trade deficit,
Also, traders and investors are closely awaiting a series of domestic and global events this week including wholesale price index (WPI) inflation data scheduled to be released today.
On the IPO front, Indian additives maker Fine Organic Industries Ltd has set a price range of Rs 780-783 a share for an initial public offering (IPO) that will open on June 20.
Muted trends in the SGX Nifty Index Futures for June delivery, which were trading at 10,818, down by 27 point or 0.25 per cent, at 10:30 AM Singapore time, signalled a flat to lower opening for the domestic bourses.
Indian equities closed tad higher, paring most of early gains, on Wednesday, tracking weak cues from Asian peers, as investor cheered faster-than-expected growth in factory output. The 30-share benchmark index closed trade at 35739.16, up by 46.64 points or by 0.13 per cent, and the NSE Nifty settled at 10856.7, up by 13.85 points or by 0.13 per cent.
Top traded Volumes on NSE Nifty – State Bank of India 26748300.00, Sun Pharmaceutical Industries Ltd. 20167822.00, Vedanta Ltd. 11470921.00, ICICI Bank Ltd. 10927770.00, Tata Steel Ltd. 9060032.00, On NSE, total number of shares traded was 131.71 Crore and total turnover stood at Rs. 29082.30 Crore. On NSE Future and Options, total number of contracts traded in index futures was 157921 with a total turnover of Rs. 14691.92 Crore. Along with this total number of contracts traded in stock futures were 792152 with a total turnover of Rs. 52333.18 Crore. Total numbers of contracts for index options were 5755680 with a total turnover of Rs. 578868.66 Crore. and total numbers of contracts for stock options were 655277 with a total turnover of Rs. 47106.94 Crore. The FIIs on 13/06/2018 stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 4086.23 Crore and gross debt purchased stood at Rs. 1045.61 Crore, while the gross equity sold stood at Rs. 5407.87 Crore and gross debt sold stood at Rs. 1819.56 Crore. Therefore, the net investment of equity and debt reported were Rs. -1321.64 Crore and Rs. -773.95.