Indian shares set to open lower as hot US inflation raises rate worries

Business Recorder reported that Indian shares were poised for a lower opening on Thursday, following other Asian markets. The move came after US consumer prices rose faster than forecast, which increased bets that the Federal Reserve would lift interest rates again this year.

Foreign investors have sold Indian equities for 14 consecutive sessions through Wednesday, with outflows for the year so far reaching a record $32.7 billion. Higher American rates tend to make developing markets less appealing, and two traders described the inflation data as a weight on riskier assets. Brent crude hovered near $104.5 a barrel as traders weighed the risk of attacks on vessels in the Strait of Hormuz against Washington's push to relax sanctions on ships.

Investor focus at home is expected to stay on corporate earnings, with Wipro set to publish its second-quarter results later in the day. Analysts will watch its outlook for discretionary tech spending, deal conversion and margins after HCL Tech's stronger-than-expected results lifted technology shares earlier this week. Separately, Jio Platforms unveiled on Wednesday a fundraising of as much as $3.2 billion through what would be India's biggest IPO so far, valuing the group at about $108.3 billion.