BENGALURU, Feb 17 (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)
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