Indian shares start weak ahead of Fed minutes

• NSE stock futures quoted on the Singapore Exchange were down 0.29% to 18,253.00 as of 8:10 a.m. ET.
• Oil prices fell on Tuesday due to demand concerns in China.
• Low prices help oil-importing countries.

Indian markets were expected to begin flat on Wednesday ahead of the release of the Federal Reserve’s December meeting minutes, in which the central bank is anticipated to provide a peek at its policy tightening course in 2023.

As of 8:10 a.m. IST on Wednesday, NSE stock futures quoted on the Singapore Exchange were down 0.29% to 18,253.00.

Wall Street shares declined prior to the release of the Fed’s minutes later in the day, with markets anticipating indications of further policy tightening. read further

MSCI Asia ex-Japan (.MIAPJ0000PUS) increased 0.97 percent after a mixed start for the region’s markets.

Oil prices fell on Tuesday due to demand concerns in China and the strengthening of the U.S. currency, which could mitigate some of the declines in Indian equities.

Lower oil prices benefit oil-importing nations such as India, whose import expenditure is dominated by crude.

According to provisional NSE data, foreign institutional investors sold 6.28 billion rupees ($75.86 million) worth of stocks on a net basis on Tuesday, while local investors purchased 3.51 billion rupees ($42.40 million) worth of shares.

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