Indian shares set for positive start after Fed holds rates steady; elevated oil weighs

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Indian shares are expected to open little changed on Thursday after the US Federal Reserve held interest rates steady, as expected, while elevated oil prices kept investors cautious.
GIFT Nifty futures were at 22,708 as of 7:35 a.m. IST, indicating a muted start for the benchmark Nifty 50, which closed at 22,698.85 on Wednesday.
The Federal Reserve kept interest rates unchanged on Wednesday, opting to delay any changes to borrowing costs until after next week's US midterm elections while it awaits further data on inflation, which it said "remains elevated."
Higher interest rates increase the appeal of Treasuries and the dollar, making emerging market equities, including India, less attractive for foreign portfolio investors.
FPIs bought Indian shares worth 8.72 billion rupees ($91.58 million) on Wednesday in a second consecutive session of buying, provisional data showed. They have offloaded $3.74 billion worth of shares so far in October.
Brent crude futures hovered around $115 per barrel, as traders weighed Middle East conflict risks to regional energy supplies.
Indian equity benchmarks have dropped in six of the last seven trading sessions as elevated oil prices raised concerns over knock-on effects on inflation, interest rates and the rupee.
** Hero MotoCorp's second-quarter profit misses estimates, as rising costs overshadow resilient demand for its motorcycles and scooters
** Miner Vedanta's September-quarter net profit more than doubles, driven by higher volumes and firm base metal prices
** Alcoholic beverage company United Spirits reports a 2% fall in second-quarter profit, weighed down by weak sales of lower-priced brands amid regulatory changes
** Online marketplace Meesho posts a narrower second-quarter loss, aided by rising orders and higher income from sellers paying to advertise on its platform
** PNB Housing Finance posts a 6% rise in quarterly profit, helped by healthy disbursements and strong loan growth
($1 = 95.2200 Indian rupees)
(Reporting by Vivek Kumar M; Editing by Ronojoy Mazumdar)
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