Indian Firms From FMCG to Airlines Brace for Slide in Rupee

Good morning...

I’m Ashutosh Joshi, with a quick read on markets before Thursday’s open as we near the end of this roller coaster week.

Indian equities head into the weekly options expiry on the BSE under pressure after Wednesday’s selloff pushed the Nifty 50 to an 11-month low, slipping below the critical 24,000 mark.

Energy risks remain front and center for the import-dependent economy, with Brent crude edging back toward $100 a barrel. Investors are increasingly weighing what higher fuel prices could mean for growth and corporate earnings. That caution is showing up across the region, too — Asian stocks have slipped, extending a volatile week, as markets worry about the knock-on effects of rising energy costs. With the broader markets still fragile, local traders will look to inflation data due later today for direction.