India shares head for negative open as foreign outflows offset oil relief
INDA•Indian shares were set for a weak start as foreign investors sold 101.48 billion rupees ($1.06 billion) on Wednesday, while easing crude prices offered some relief. Foreign investors have sold about $3.6 billion over five sessions and $27.8 billion year to date.
1. Weak start expected
GIFT Nifty futures stood at 22,570 points, indicating a negative start for the Nifty 50, which closed at 22,620.45 on Wednesday. The Nifty 50 and BSE Sensex have fallen 2.3% and 1.9%, respectively, so far this week and were on track for an eighth consecutive weekly decline.
2. Oil and company updates
Brent crude slipped to around $98 a barrel after Tehran said it had received Washington’s response to its latest ceasefire proposal. India’s markets will be closed Friday for a local holiday. Blue Dart Express plans to raise prices across its domestic portfolio by 9% to 12% from January 1, while Aurobindo Pharma said its biopharmaceutical unit launched ADQUEY ointment in the United States.
