Indian shares are set for a muted start on Friday, as optimism over moderating U.S. inflation offset near-term domestic price concerns.
Wall Street equities edged higher overnight after
showed that U.S. consumer price inflation moderated in July, bolstering hopes that the U.S. Federal Reserve is near the end of its rate-hiking cycle. Asian markets were subdued.key rates steady as expected. Governor Shaktikanta Das said there could be substantial rise in headline inflation in the near-term and raised retail inflation forecast for fiscal 2024, citing pressure from food prices.
In the ongoing July-September quarter, it now sees inflation at 6.2%, significantly higher than the 5.2% earlier forecast.banks to set aside a larger part of incremental deposits under the cash reserve ratio , to mop-up excess liquidity., dragged by financials and consumer stocks. The bluechips have been little changed for the week, after logging losses in the previous two weeks.
Foreign institutional investors bought Indian equities for the second straight session on Thursday, adding 3.31 billion rupees of shares, while domestic institutional investors bought 7.04 billion rupees of equities, according to provisional
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