BENGALURU, Sept 11 (Askume) – Indian shares are likely to start subdued like other Asian markets on Wednesday ahead of key U.S. inflation data that could dampen expectations of a rate cut by the Federal Reserve this month.
At 08:12 am, the GIFT Nifty index was at 25,091.5 points, indicating that the NSE Nifty 50 (.NSEI) would open close to the previous close of 25,041.1 points.
Asian markets were in the doldrums, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) down about 0.15%. Most stocks on Wall Street closed with gains overnight.
Concerns about weak global demand pushed Brent crude futures to their lowest level since December 2021 on Tuesday, with investors turning more cautious ahead of eagerly-awaited US data.
The CPI report is expected to show inflation closer to the Fed’s 2% target, which could allow the Fed to choose to cut interest rates by a massive 50 basis points next week if needed.
According to CME FedWatch data , the market estimates the probability of a 25 basis point interest rate cut on September 18 at 66% .
India’s benchmark Nifty 50 index has gained about 0.75% in the last two sessions and is about 1.2% away from last week’s all-time high.
Stocks to watch
** Jubilant Pharmova (JUBA.NS) said the US drug regulator has determined to classify inspections of its US contract manufacturing plants as a “voluntary action”.
** Astra Microwave Products (ASTM.NS) has signed an agreement with Premier Explosives (PRMR.NS) to jointly develop and market a variety of products .
**Reliance Industries (RELI.NS) retail unitAnnounces partnership with Israeli company Delta Galil
