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Indian Shares Look Headed For Weak Start

Notably lower SGX Nifty futures and weak Asian stocks point to a negative opening for the Indian stock market on Thursday.

Concerns about economic growth amid surging coronavirus cases will continue to weigh on sentiment.

Stock markets in China, Hong Kong, Japan and Australia are notably lower amid worries about growth despite some recent positive economic data from China and the U.S.

As widely expected, the U.S. Federal Reserve left its rates unchanged and said the low interest regime will continue through 2023.

The Fed's latest estimates point to a 3.7% contraction in GDP in 2020, reflecting an improvement from the 6.5% plunge forecast in June. However, the Fed downwardly revised its estimates for GDP growth in 2021 and 2022 to 4% and 3%, respectively. GDP growth in 2023 was forecast at 2.5%.

Happiest Minds Technologies is set to make its debut in the market today. The company's Rs 702-crore IPO, which came with a price band of Rs 165-166, received overwhelming response from investors and was subscribed 151 times.

Procter & Gamble reported a net profit of Rs 48.9 crore for the June quarter, an increase of 10.8% over its profit in the year-ago quarter.

HCL Technologies will be in focus following the company expanding its partnership with Google to deliver accelerated business intelligence platform.

BPCL Limited is likely to acquire its partner Oman Oil Company Ltd's stake in Bharat Oman Refineries Ltd, a joint venture of the companies, according to reports. Earlier this year, BPCL increased its stake in the refinery to 63% from 50%, after converting warrants into shares.

Indian shares ended on a firm note on Wednesday, extending gains to a second straight session. The benchmark BSE Sensex ended up 258.50 points or 0.66% at 29,302.85. The National Stock Exchange's Nifty closed with a gain of 82.75 points or 0.72% at 11,604.55.

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