BENGALURU (Reuters) – Indian shares were set to track Wall Street to open lower on Friday, after markets bet that a fresh slate of U.S. economic data underscored the need for the Federal Reserve to continue raising rates in the near future.
India’s NSE stock futures listed on the Singapore exchange were down 0.56% at 17,966 as of 7:53 a.m. IST.
Key indexes in Wall Street closed over 1% lower on Thursday, after official data showed a higher-than-expected rise in producer prices in January and a sharp fall in jobless claims, signalling that the Fed could continue its high interest rate regime for longer to tackle inflation.
Asian markets also declined, with the MSCI’s broadest index of Asia-Pacific shares outside Japan shedding 0.65%.
Foreign investors’ buying of Indian equities capped some losses.
Over the past five sessions, FIIs have bought a net 60.88 billion Indian rupees ($736.31 million) reversing an extended selling trend earlier in the year.
The Nifty 50 has risen 1% in this week so far. Analysts expect the benchmark to consolidate between 17,800 and 18,300 levels in the near term.
STOCKS TO WATCH
** Ultratech Cement: Co announces commissioning of 1.30 MTPA (million tonnes per annum) cement capacity in Chhattisgarh and 2.80 MTPA grinding capacity in Odisha. Total cement manufacturing capacity grows to 126.95 MTPA.
** RailTel Corporation: Co wins order worth 270.70 mln Rupees from Bangalore Metro Rail Corporation.
** Vedanta: Co has been declared as preferred bidder for nickel, chromium and associated platinum group elements block in Chhattisgarh.
** RPP Infra Projects: Co wins multiple orders from Chennai Corporation for construction of storm water drain works.
($1 = 82.6830 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Nivedita Bhattacharjee)
