The Indian equity benchmarks are set to open on a flat note ahead of monthly expiry of June futures and option contracts later in the day as indicated by the Nifty futures on Singapore Exchange. The Nifty futures on Singapore Exchange also known as SGX Nifty futures rose 0.14 per cent to 15,703. Meanwhile, other Asian markets were also trading on a subdued note with China nudging lower, while the U.S. dollar held below an 11-week high as investors reassessed U.S. Federal Reserve statements on inflation and looked to upcoming data for direction.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent to 695.2 points, off a one-month trough of 685.12 touched earlier this week.
Japan’s Nikkei rose slightly to 28,905.5, while Chinese shares were in the red with the blue-chip CSI300 index off 0.3 per cent.
Overnight, -Wall Street shares were mixed on Wednesday, with the Nasdaq closing at a record high, while other major U.S. indexes ended lower alongside European stocks as traders eyed the latest statements from Federal Reserve officials.
The market has whipsawed over the last week, feeling the aftereffects of the Fed’s surprise projection last week for rate increases as soon as 2023, which knocked stocks, boosted the dollar and led to the flattening of the U.S. bond yield curve.
Back home, foreign institutional investors bought shares worth Rs 3,156 crore while domestic institutional investors bought shares worth Rs 1,317 crore.
Reliance Industries will be in focus as the company will be hosting its 44th Annual General Meeting later in the day.