The Indian equity benchmarks are set to open lower as indicated by the Nifty futures traded on the Singapore Exchange. Singapore Nifty futures also known as SGX Nifty fell 34 points to 15,597. Meanwhile, Asian shares edged up to near three-month highs on Wednesday and global equities held steady near a record as data showing higher U.S. manufacturing activity in May cheered investors looking for signs of a continued rebound in the world's largest economy.
US manufacturing activity rose in May, the Institute for Supply Management (ISM) said on Tuesday, as pent-up demand boosted orders in a reopening economy, even as unfinished work piled up because of shortages of raw materials and labour.
MSCI's gauge of stocks across the globe was flat after setting a record intraday high and close on Tuesday. Its broadest index of Asia-Pacific shares outside Japan ticked 0.08 per cent higher, and Japan's Nikkei added 0.36 per cent.
Overnight, The S&P 500 dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.
Back home, foreign institutional investors sold shares worth Rs 450 crore on Tuesday while domestic institutional investors bought shares worth Rs 230 crore.
ITC will be in focus after it reported net profit of Rs 3,748 crore in the quarter ended March 2021, marking a decline of 1.3 per cent compared to the same quarter last year.
Tata Motors reported 38 per cent decline in domestic sales at 24,552 units In May 2021, compared to the previous month of April.