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India’s benchmark indexes are set to open little changed on Thursday, tracking other Asian peers as U.S. treasury yields rose amid concerns of U.S. policy framework under President-elect Donald Trump, ahead of December-quarter earnings season.

The GIFT Nifty futures were trading at 23,723 as of 7:58 a.m. IST, indicating that the blue-chip Nifty 50, will open near Wednesday’s close of 23,688.95.

“We expect Indian markets to remain muted on the day ahead of quarterly results of TCS and on expectations of fewer rate cut in the U.S. in 2025, while concerns over Trump’s policies are adding to uncertainty in emerging markets,” said Siddhartha Khemka, head of research of wealth management at Motilal Oswal Financial Services.

Banks, consumer firms drag Indian shares as Q3 updates underwhelm

Analysts said that the domestic corporate earnings season, starting with Tata Consultancy Services, on Thursday, will provide directionality to the markets in the near-term.

Other Asian markets opened little changed on the day, with the MSCI Asia ex-Japan index, trading flat. Overnight, Wall Street equities were muted as signs of continuing strength in the U.S. economy signalled fewer rate cuts by Federal Reserve in 2025.

U.S. Treasury yields rose after a report said that Trump was considering declaring a national economic emergency to justify a series of universal tariffs on several countries.

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