India's inflation rose just a tad in the month of October, offering respite to policy makers and raising hopes that it may have hit a cyclical high.
The slower rise is, however, unlikely to prod the Reserve Bank of India to loosen its monetary policy anytime soon as inflation remained in the distress zone of 9% for the 11th month in a row.
Indian markets were hammered down on Wednesday on the back of poor global and domestic cues.
"We expect Nifty to stage a pull back on Thursday, given that most momentum indicators on the charts have extremely oversold readings and markets must flare up on short covering alone," said Kunal Saraogi, CEO, Equityrush.
"The longevity of this pullback however remains in doubt and it is unlikely that the Nifty will be able to breach its all important resistance of 5150 in a hurry," added Kunal.
U.S. stocks fell on Wednesday on more warnings about the potential impact of the euro zone's debt crisis on the economy and the banking system.
At 08:00 AM, Nifty India stock futures in Singapore were down 62.50 points at 5,016.50, indicating a negative opening in the domestic market.
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