(Reuters) Indian shares are set to open little changed on Thursday, tracking a weakness in Asian peers on worries over China's economy and Wall Street on interest rate concerns.
India's GIFT Nifty on the NSE International Exchange was down 0.07% at 19,398.50 at 7:54 a.m.
U.S. equities fell overnight after minutes of the Federal Reserve's latest policy meeting showed members were divided on the need for further rate hikes.
Asian markets declined, dragged by concerns over China's economy in the light of data over the last few sessions. The MSCI Asia ex-Japan index lost 0.95%.
India's Nifty 50 and Sensex logged marginal gains in the last two sessions, demonstrating relative resilience compared with their global peers.
However, since hitting fresh record highs, the benchmarks have logged losses for three consecutive weeks. The more domestic-focussed smallcaps and midcaps kept their winning streak intact, despite the slide in benchmarks.
Analysts expect the ongoing consolidation to continue in the near term, amid risk aversion in global equities and domestic inflation concerns.
Foreign institutional investors bought Indian shares on a net basis on Wednesday, adding 7.23 billion rupees ($86.88 million), while domestic institutional investors bought shares worth 24.06 billion rupees, according to provisional National Stock Exchange data.
Stocks to watch
** Adani Power: GQG Partners buys 8.1% stake in company for $1.1 billion through block deals, according to a source with direct knowledge of the matter.
** Aurobindo Pharma: Drugmaker to launch HIV Triple Combination Product under voluntary licence from ViiV Healthcare.
** JSW Energy: GQG Partners buys 10.28 million shares (0.62% stake) in company at an average price of 341.7 rupees apiece, according to Bombay Stock Exchange data.
** Power Grid Corporation of India: Company commissions assets under North Eastern Region Strengthening Scheme-VI, receives notification for commercial operations.