Domestic stock markets are likely to start Thursday's session on a flat note. The Singapore Exchange (SGX) Nifty futures, an early indicator of the National Stock Exchange (NSE) Nifty index in India, rose 5 points to 12,238.50 ahead of the opening of Indian markets. At 8:30 am, the SGX Nifty futures were up 3.00 points at 12,236.50. Analysts say recent weakness after a series of record highs may be an indication of some consolidation in the domestic markets in the near term.
Equities in other Asian markets were largely flat, with MSCI's broadest index of Asia Pacific shares outside Japan last up 0.04 per cent.
Japanese stocks rallied after eight sessions of intraday weakness driven by expectations of a US-China trade deal early in the new year. The Nikkei 22 index was last up 0.43%, taking its gains for the year so far to nearly 19 per cent.
The rally was broad-based with investors counting on an end to the prolonged trade war to prop up a market that has been disproportionately hurt by flagging global demand, but led by the industrials and consumer discretionary sectors.
The Indian financial markets will open after a day's holiday for Christmas. On Tuesday, the S&P BSE Sensex index had ended 181.40 points - or 0.44 per cent - lower at 41,461.26 and the broader NSE Nifty settled at 12,214.55, down 48.20 points - or 0.39 per cent - from the previous close.
The 10-year benchmark bond yield closed at 6.58 per cent, while the rupee settled at 71.1505 to the dollar.
On the same day, foreign institutional investors net offloaded Rs 114.38 crore from the Indian capital markets, according to NSE data. Domestic institutional investors pulled out a net Rs 345.22 crore.