Indian shares are set to open flat on Thursday, and post their biggest monthly declines since March 2020, as sustained foreign fund outflows and lacklustre corporate earnings weigh on market sentiment.
The Gift Nifty futures were trading at 24,275, as of 07:50 a.m. IST, indicating that the benchmark Nifty 50 (.NSEI) will open near Wednesday's close of 24,340.85.
Foreign portfolio investors (FPI) have offloaded Indian shares for 23 sessions in a row, with the monthly outflows of about $11 billion set to surpass the previous highest in March 2020.
The sustained selling comes as foreign investors redirect funds to China from other markets like India due to Beijing's stimulus measures and relatively cheaper valuations.
Along with FPI selling, lacklustre September-quarter corporate earnings have also pressured Indian markets.
Volatility could rise further ahead of the U.S. non-farm payrolls data on Friday and the presidential elections next week, said two analysts.
Other Asian markets were muted on Thursday. Wall Street equities fell overnight.
STOCKS TO WATCH
** Infrastructure company Larsen & Toubro (LART.NS) logs a rise in September-quarter profit, helped by swift execution of projects
** Biopharmaceutical company Biocon (BION.NS) posts second-quarter loss, hurt by deferred tax charge
** Tata Power (TTPW.NS) misses September-quarter profit estimates as cooler weather weighs on demand
($1 = 84.0810 Indian rupees)
