Indian shares set to open flat ahead of RBI policy minutes

BENGALURU, Aug 24 (Reuters) - Indian shares are set to open little changed on Thursday on caution ahead of the release of the Reserve Bank of Indias policy meeting minutes.

Indias GIFT Nifty on the NSE International Exchange was up 0.07% at 19,517.50 at 8:08 a.m. IST.

The Nifty 50 (.NSEI) and Sensex (.BSESN) closed higher on Wednesday, led by financials, while midcaps (.NIFMDCP100) hit a fresh all-time high.

\“The action could continue in banking and financial services ahead of the RBI policy minutes,\” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, adding that global uncertainty over U.S. rates and Chinas economy could keep the market range-bound.

The minutes of the RBIs latest monetary policy are due to be released at 5 p.m. IST.

Meanwhile, analysts at HSBC reiterated their upbeat view on the Indian market on Wednesday and said that \“amid escalating concerns on global growth, India still stands out.\”

Wall Street equities settled higher overnight, aided by strong earnings by tech firm Nvidia. Investors also await the annual global central bankers gathering, scheduled to begin on Thursday, at Jackson Hole, Wyoming, for cues on the rate hiking trajectory. Asian markets advanced on Thursday.

Foreign institutional investors bought Indian shares on a net basis on Wednesday, adding 6.14 billion rupees ($74.4 million), while domestic institutional investors bought shares worth 1.25 billion rupees, according to provisional National Stock Exchange data.

STOCKS TO WATCH:

** Reliance Industries (RELI.NS): Qatar Investment Authority will invest $1 billion for a 1% stake in companys unit Reliance Retail Ventures.

** Atul Auto (ATUL.NS): European firm Societe Generale buys 140,000 shares at 409.54 rupees per share.

** Vascon Engineers (VASC.NS): Co gets letter of acceptance amount to 6.06 bln rupees.

** NHPC (NHPC.NS): Co signs memorandum of understanding with Andhra Pradesh Power Generation Corporation for implementation of pumped storage hydropower projects.

($1 = 82.5640 Indian rupees)

Reporting by Bharath Rajeswaran and Manvi Pant in Bengaluru; Editing by Sonia Cheema

Our Standards: The Thomson Reuters Trust Principles.