Indian shares were set to open higher on Wednesday, tracking a rebound in global markets after U.S. inflation data was in line with expectations, improving the odds of a smaller rate hike at the upcoming Federal Reserve meeting next week. India's NSE stock futures listed on the Singapore exchange were up 0.57% to 17,209.50 as of 8:08 a.m. IST.
Wall Street equities snapped a losing streak overnight, aided by a rebound in banking stocks and favourable macroeconomic data. The U.S. consumer price index data bolstered bets of a smaller interest rate hike by the Fed.
MSCI's broadest index of Asia-Pacific shares outside Japan were up 1.51%. Domestic and global equities had witnessed selling pressure
over the last few sessions as sentiment suffered following the
failure of Silicon Valley Bank and Signature Bank in the U.S.
Indian shares hit a five-month low on Tuesday, falling for a fourth straight session and shedding over 4% in that period after the U.S. banking crisis sparked a global selloff among lenders.
Foreign institutional investors (FII) extended their selling streak for the fourth session in a row and sold a net 30.87 billion Indian rupees ($375.27 million) worth of equities on Tuesday. Since March 8, foreign investors have sold a net 72.57 billion rupees worth of equities.
Stocks to Watch:
** PNC Infratech : Declared lowest bidder for
project worth 12.60 billion rupees
** Railtel Corporation of India : Received work
order worth 2.88 billion rupees
** NBCC (India) : Won work order valued at 5 billion
rupees
** Cipla : Co and its unit entered into an
agreement with Africa Capitalworks for sale of 51.18% stake held
in Cipla Quality Chemical Industries, Uganda, for consideration
of $25 million-$30 million.
($1 = 82.2600 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Janane
Venkatraman)
