(Reuters) - Indian shares are set to open lower on Thursday after a sustained selloff in Adani group stocks as the group cancelled the secondary share sale of its flagship company Adani Enterprises.
India's NSE stock futures listed on the Singapore exchange were down 0.68% at 17,579 as of 08:06 a.m. IST.
The Adani group, on Wednesday, decided to call off the $2.4 billion follow-on public offering, which was fully subscribed, after a 28% plunge in the company's share price.
India's market regulator is said to be examining the crash in the Adani group company shares and looking into possible irregularities in Adani Enterprises' secondary share sale.
Wall Street equities advanced after the U.S. Federal Reserve raised its target by 25 basis points and said it had turned a key corner in the fight against high inflation.
Asian markets advanced, with the MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.70%.
Indian markets closed lower on Wednesday, hit by Adani group stocks and a fall in insurance companies after the union budget proposed to limit tax exemptions for insurance proceeds.
Foreign institutional investors snapped a seven-day selling streak on Wednesday and bought 17.85 billion rupees ($218.38 million)worth of shares on a net basis while domestic institutional investors purchased 5.29 bln rupees worth of shares.
STOCKS TO WATCH
Britannia Industries: Co posts rise in consolidated net profit in the third quarter on price hikes, sustained demand.
Ashok Leyland: Co reports more-than-expected rise in net profit in Q3 on easing costs, rising truck demand.
Eicher Motors: Co's total domestic sales rose 50.1% YoY in January while exports fell.
Syngene International: Biocon sold 9.96% stake in the company through open market sale.
Craftsman Automation: Co reports rise in consolidated profit in third quarter.
Alembic Pharma: Co reports consolidated net profit that beat estimates in Q3, on higher domestic sales.