INDIA STOCKS-Indian shares set for flat open as foreign outflows offset Asian gains

By Reuters News

Sept 23 (Reuters) - Indian shares were set for a muted start on Wednesday as persistent foreign fund outflows offset positive cues from Asian markets, while concerns over the Middle East conflict remained an overhang.

GIFT Nifty futures were at 23,343 points, as of 7:49 a.m. IST, indicating a flat start for the benchmark Nifty 50 .NSEI index, which closed at 23,329 on Tuesday.

Asian shares were headed for a sixth consecutive session of gains on Wednesday, as signs of continued consumer demand for AI-related applications supported technology stocks. MSCI's broadest index for Asia-Pacific shares outside Japan .MISX00000PUS rose 0.7%. MKTS/GLOB

Foreign investors continued to shun Indian equities, with provisional data showing net sales of 38.1 billion rupees ($398.58 million) on Tuesday, marking their eighth selling session in the last nine trading days.

Overseas traders have sold Indian shares worth $1.81 billion so far in September, taking year-to-date outflows to $25.87 billion.

Brent crude futures were little changed around $99 per barrel on increased Gulf supply and hopes for a diplomatic solution to the US-Iran war through talks at the UN in New York. O/R

While US President Donald Trump warned that he could "annihilate" Iran, he also said his envoys Steve Witkoff and Jared Kushner had held productive talks with mediators of Iran to end the war.

India's benchmark Nifty 50 and BSE Sensex .BSESN are down over 3% each this month on concerns over the impact of Iran war on inflation and interest rates globally.


STOCKS TO WATCH

** Automotive components maker Hero Motors HERT.NS, electronics retail chain SS Retail SSRE.NS and steel pipes and tubes maker Jindal Supreme (India) are set to make their market debut later in the day.

** Societe Generale, CitiGroup, BNP Paribas and ICICI Prudential Life Insurance ICIR.NS were among buyers of Pine Labs' PINL.NS shares sold by Mastercard Asia/Pacific on Tuesday.



($1 = 95.5900 Indian rupees)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.