Indian shares set for positive start after Fed holds rates steady; elevated oil weighs

Indian stocks were set for a subdued opening on Thursday, October 29, as steady US interest rates offered little direction and expensive oil kept traders wary, Business Recorder reported. GIFT Nifty futures stood at 22,708 at 7:35 a.m. IST, close to the Nifty 50’s Wednesday finish of 22,698.85, signalling a largely flat start.

The Federal Reserve left borrowing costs unchanged on Wednesday and said inflation was still elevated, with its next move deferred until after the US midterm elections. Foreign portfolio investors bought Indian equities worth 8.72 billion rupees ($91.58 million) on Wednesday, their second straight day of net purchases, but have sold $3.74 billion in October. Brent crude traded near $115 a barrel amid concerns about Middle East supply risks, while Indian benchmarks fell in six of the past seven sessions as investors weighed oil’s possible effects on inflation, rates and the rupee.