Indian NSE stock futures listed on the Singapore Stock Exchange were down 0.53% as of 6125 pm, 8:17 am IST.
U.S. data showed that retail sales suffered the biggest drop in a year in December, while manufacturing output posted the biggest drop in nearly two years.
Fed policymakers signaled Wednesday that they would continue to raise interest rates, even as inflation shows signs of stabilizing and economic activity slows.
In broader markets, the MSCI indicator for Asia Pacific ex-Japan equities fell 0.8%. [MKTS/GLOB]
Domestically, Nifty 50 members Hindustan Unilever Ltd and Asian Paints will release third quarter results later today. Investors will await comments on the impact of inflation on demand.
Meanwhile, overseas institutional investors were net sellers of Indian stocks, dumping 3.19 billion rupees ($39.17 million) worth of shares on Wednesday. A day earlier, they ended a 17-day selling streak, having sold Rs 246.51 billion since Dec. 23.
Domestic investors bought Rs 12.26 billion worth of shares, according to provisional data from the NSE.
Equity losses could be limited as oil prices fell about 1% on fears of a possible US recession, fueling fears of a decline in demand. India, the world’s third largest oil importer, benefits from lower prices as it reduces imported inflation. [O/R]
FOLLOW THE VALUES
**IndusInd Bank: Posted a larger-than-expected jump in third-quarter profit on Wednesday, thanks to strong loan growth and lower bad loan provisions.
** Aurobindo Pharma: US Drug Regulatory Authority issues “Form 483” with two submissions after inspecting units of APL Healthcare Telangana subsidiary. The company says the comments are procedural in nature.
** Vedanta: The company approves the acquisition of Meenakshi Energy, for the amount of 14.40 billion rupees.
** Persistent Systems: The company announces an increase in consolidated net income in the third quarter and approves a dividend of Rs 28 per share.
($1 = 81.4400 Indian rupees)