off-the-wire

INDIA STOCKS-Indian shares set for muted start amid caution ahead of Fed minutes

Kitco Media
By Reuters
Published:
Updated:
Reuters
BENGALURU, Feb 21 (Reuters) - Indian shares are set for a muted start on Tuesday as investors await the U.S. Federal Reserve's latest monetary policy meeting minutes to gauge the central bank's future rate-hiking path. India's NSE stock futures listed on the Singapore exchange were up 0.06% at 17,876 as of 8:12 a.m. IST. U.S. markets were shut on Monday due to the President's day holiday. Non-U.S. assets were mixed as investors tread cautiously a day ahead of the release of Fed minutes. The minutes would likely provide cues on the future rate-hike trajectory of the U.S. central bank. Recent data has heightened inflation concerns, sparking fears of a prolonged higher interest-rate regime in the world's largest economy.


Asian markets declined, with the MSCI's broadest index of Asia-Pacific shares outside Japan shedding 0.26%. Foreign institutional investors extended their selling streak for the second day on Monday, offloading a net 1.59 billion rupees ($19.22 million) of equities.


Analysts expect the Nifty 50 to trade between 17,800 and 18,300 in the next two weeks.



STOCKS TO WATCH



** ACC , Ambuja Cements : Companies will resume operations at two plants in Himachal Pradesh after resolving issues over freight rates. The two plants have been shut for more than two months.
** Adani Ports : Co to prepay $121 million short-term debt due in March, reports Bloomberg News.
** InterGlobe Aviation : Co's promoter group member Shobha Gangwal informs exchanges that her shareholding was trimmed to 2.99% from 7.04%.
** GR Infraprojects : Co emerges as the lowest bidder for two separate tenders worth 17.38 bln rupees and 18.75 bln rupees, respectively.
** BEML : Co signs memorandum of understanding with Delhi Metro Rail Corporation-led special purpose vehicle to supply metro rolling stocks for Bahrain metro rail project. ($1 = 82.7290 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil)

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