Indian shares set for a muted start

Dec 24 (Reuters) – Indian shares are set for a muted start on Tuesday, with analysts expecting the benchmark indexes to trade flat due to the lack of triggers in a holiday-truncated week.

The GIFT Nifty futures were trading at 23,765 as of 08:03 a.m. IST, indicating the benchmark Nifty 50 will open above Monday’s close of 23,753.45.

Other Asian markets opened higher, with the MSCI Asia ex-Japan index gaining 0.5%. Overnight, Wall Street equities closed higher, while U.S. Treasury yields rose after data showed a deterioration in U.S. consumer confidence and investors braced for fewer Federal Reserve rate cuts in 2025.

India’s benchmark indexes logged gains on Monday, rebounding from their worst week in 30 months. However, traders are expecting markets to remain flat in the next few sessions due to the holidays and a lack of major triggers.

The Indian markets are expected to remain sideways over the next few sessions due to a lack of new catalysts and the impact of the festive season and holidays, said Vinod Nair, head of research at Geojit Financial Services.

Indian markets will remain closed on Wednesday for the Christmas holiday.

Foreign portfolio investors (FPI) net sold Indian stocks for the sixth straight session on Monday, offloading shares worth 1.69 billion rupees ($19.9 million).

** PG Electroplast and Whirlpool of India join hands to manufacture select Whirlpool-branded semi-automatic washing machines.

** HG Infra Engineering’s unit signs battery energy storage purchase agreement with NTPC Vidyut Vyapar Nigam.

** Vraj Iron and Steel starts commercial operations of a sponge iron plant at Bilaspur in the state of Chhattisgarh. ($1 = 85.1200 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy)