Indian shares are likely to witness a flattish opening as the global markets look subdued with SGX Nifty trading 6 points higher. Indian equities are poised to open flat on Thursday, tracking muted cues from fellow Asian peers, as investors are likely to consolidate their position amid looming fear of a Fed rate hike and tepid earnings report by Indian Inc.
Muted trend in the SGX Nifty Index Futures for February delivery, which were trading at 8,757.50, up by 3.5 points or 0.04 per cent, at 10:54 AM Singapore time, also signaled a flat opening for Sensex. With corporate earnings season come to an end, traders will shift focus to the outcome of the state election results for more clarity on the government's capacity to revive stalled reforms, which will set future direction for markets.
The 30-share barometer index of Bombay Stock Exchange, Sensex closed at 28155.56, down by 183.75 points or by 0.65 per cent, and the NSE Nifty was at 8724.7, down by 67.6 points or by 0.77 per cent.
Asian stocks edged up to fresh 19-month highs on Thursday, helped by an extended rally on Wall Street and strong U.S. data though the dollar stepped back after a recent bounce.
U.S. retail sales rose more than expected in January and consumer prices recorded their biggest gain in nearly four years, boosting prospects of an interest rate increase from the Federal Reserve next month.
European shares ended higher on Wednesday in another session dominated by earnings, as French lender Credit Agricole led banking stocks to a three-week high.
Major Headlines of the day:
TCS board to consider share buyback in board meeting on Feb 20
Cipla gets US FDA nod for Oxaliplatin Injectable
Sun Pharma gets Tentative US FDA nod for Tadalafil Tablets
Trend in FII flows: The FIIs were net buyers of Rs 225.84 the cash segment on Wednesday while the DIIs were net sellers of Rs 248.98 as per the provisional figures.
UPCOMING RESULTS: AMBUJACEM (20FEB), CASTROLIND (21 FEB), KSB PUMP, VARUN EVERAGES.
Securities in Ban For Trade Date 16-FEB-2017: