(Reuters) - Indian shares were set to open up on Thursday, tracking global equities, after modestly hawkish Federal Reserve minutes showed consensus among members that the central bank should slow the pace of its aggressive rate hikes.
India's NSE stock futures listed on the Singapore exchange were up 0.27% at 18,159.50, as of 7:45 a.m. IST on Thursday.
Aiding gains in Indian equities could be oil prices, which fell by over $4 per barrel on Wednesday on global growth concerns and rising COVID-19 cases in China.
Brent crude futures rebounded in Thursday's session, but are still below $79 per barrel. [O/R]
Lower oil prices aid oil-importing countries like India, where crude constitutes the bulk of the country's import bill.
Wall Street equities closed higher overnight, after Fed minutes indicated the focus of policymakers to control the pace of price increases to limit the risks to economic growth in the world's largest economy.
Asian markets opened higher on Thursday, with MSCI Asia ex Japan, rising 1.14%.
Foreign institutional investors extended selling streak for ninth day in a row, longest in 10 weeks, and offloaded 26.21 billion rupees ($317.15 million) worth of equities on a net basis on Wednesday, while domestic investors bought about 7.74 billion rupees ($93.66 million) worth of shares, as per provisional NSE data.
STOCKS TO WATCH
** Marico: Co says revenue growth slowed on muted demand recovery in third quarter, according to quarterly update.
** Hindustan Unilever: Co completed acquisition of 19.8% stake in Nutritionalab for 700 mln rupees.
** HPCL: Co forays into petrochemical business with pre-marketing of "HP Durapol" brand polymers, also signs MoU with NTPC for cooperation in renewable energy.
** IRB Infrastructure: Co approved alteration in capital by split of shares in ratio 1:10.