India's stock benchmarks set for muted start amid Asia weakness
Gift Nifty futures were trading at 24,967 as of 8:00 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open near Tuesday's close of 24,980.65.
Asian markets slipped, with the MSCI Asia ex-Japan (.MIAPJ0000PUS), opens new tab losing 0.8%, following declines in U.S. equities as investors ditched high-flying tech stocks with their lofty valuations, an analyst said.
On Tuesday, U.S. President Donald Trump said he hoped his Russian counterpart, Vladimir Putin, would move to end the conflict in Ukraine, but noted that the Kremlin may resist a deal.
Trump also signalled possible U.S. air support for Ukraine as part of negotiations to end Russia's war.
Meanwhile, investors are awaiting the Fed's annual symposium in Jackson Hole, Wyoming, between August 21-23. Most investors expect a 25-basis-point rate cut next month, but tariff concerns are keeping markets cautious.
Lower U.S. interest rates make emerging markets, including India, more appealing to foreign investors.
The Nifty and Sensex gained about 0.4% and 0.5%, respectively, on Tuesday, led by Reliance Industries (RELI.NS), opens new tab and auto makers (.NIFTYAUTO), opens new tab, and buoyed by hopes of a demand boost from proposed cuts to the goods and services tax (GST).
Foreign portfolio investors (FPIs) were net sellers of Indian shares worth 6.34 billion rupees ($72.8 million) on Tuesday.
Domestic institutional investors (DII) bought Indian shares worth 22.61 billion rupees in the last session, marking their 31st straight session of net inflows.
** Lloyds Metals and Energy (LYMT.NS), opens new tab emerges as the successful bidder for Tandsi extension coal mine, spanning 338 hectares.
** Dynamic Cables (DYNB.NS), opens new tab gets a license from the Bureau of Indian Standards to manufacture Aluminium alloy stranded conductors, fire survival cables.
** Endurance Technologies (ENDU.NS), opens new tab approves capacity addition for ABS, disc brake systems for a total investment of 1.36 billion rupees.
($1 = 87.0840 Indian rupees)
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