India stock benchmarks set for muted open; Jackson Hole on tap
Gift Nifty futures was trading at 25,092 as of 07:58 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open near Wednesday's close of 25,050.55.
The Nifty and Sensex (.BSESN), opens new tab rose about 0.3% each on Wednesday, their fifth straight session of gains, as tech stocks rallied ahead of the Fed's Jackson Hole summit and consumer shares gained on hopes of a demand boost from the sweeping tax reforms.
Asian peers advanced, with the MSCI Asia ex-Japan (.MIAPJ0000PUS), opens new tab adding 0.4%. Overnight, U.S. equities dropped as a tech selloff extended into a second day.
Investors will look for clues in Fed Chair Jerome Powell's speech on Friday to determine if the central bank would trim interest rates by 25 basis points as expected in September.
Lower U.S. rates make emerging markets, including India, more appealing to foreign investors.
Foreign portfolio investors sold Indian shares worth 11 billion rupees ($126.4 million) on Wednesday, the third straight session of outflows.
Domestic institutional investors bought Indian stocks worth 18.06 billion rupees, the 32nd straight session of inflows.
Meanwhile, insurance companies could rise after a panel of Indian state ministers on goods and services tax proposed exempting tax on health and life insurance premiums for individuals.
** UltraTech Cement (ULTC.NS), opens new tab says it will sell up to 6.49% stake worth up to $85.6 million in unit India Cements (ICMN.NS), opens new tab.
** Computer Age Management Services (COMU.NS), opens new tabsecures, opens new tab Reserve Bank of India's approval to transfer its payments aggregator business to unit Camspay.
** Jupiter Wagons (JUWL.NS), opens new tabgets, opens new tab order worth 2.15 billion rupees to supply 5,376 wheelsets for Vande Bharat trains.
($1 = 87.0210 Indian rupees)
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