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The RBI projects CPI inflation to decrease to 4.1% in FY26 from 4.5% in the current fiscal. Economic growth is predicted to slightly decline to 7.1% in FY26. Key risks include geopolitical conflicts, uneven rainfall, and commodity price volatility, while strong domestic demand and government initiatives may support growth.

The yield on the most liquid 10-year government bond closed at 6.77% on Wednesday, five basis points lower than the previous close. Bond prices and yields move inversely. A fall in government bond yields brings down the cost of borrowing across the economy as sovereign debt is the benchmark used to price corporate debt.

"Expect sequential weakness in the September quarter due to slowdown in the UK business. BSNL deal ramp-up continues to provide support to growth, but overall growth will be weak in the quarter," said HSBC Securities and Capital Markets (India) in a preview report.

Supporters of the half-point cut "observed that such a recalibration of the stance of monetary policy would begin to bring it into better alignment with recent indicators of inflation and the labour market", said the minutes of the September 17-18 session, at which the Fed lowered the benchmark policy rate to a range of 4.75% to 5.00% from the 5.25% to 5.50% range it had maintained since July of 2023. Others noted there had been a "plausible case" to have cut rates at the July meeting and the data since then had only buttressed the case for easier policy.

Of the three new external members, Nagesh Kumar, director and chief executive, Institute for Studies in Industrial Development, voted for a cut, the central bank said.

The Adani Group is in discussions with a Middle Eastern sovereign fund to secure up to $1 billion for its airports business. They have also launched a qualified institutional placement to raise $500 million with a greenshoe option of an equal amount. The funding will support expansion in the airport sector.

Shares of Adani Enterprises are likely to be in focus on Thursday after the company approved a share sale to large investors via qualified institutional placement.

Foreign portfolio investors turned net sellers at Rs 4,563 crore on Wednesday. DIIs bought shares worth Rs 3,509 crore.

Shares in Japan, South Korea and Australia climbed while Hong Kong equity futures also rose. An index of US-listed Chinese companies fell in New York trading, following the biggest drop in more than four years for mainland China’s benchmark index on Wednesday.

Wall Street stocks rose on Wednesday, with the S&P 500 and Dow reaching record highs after Federal Reserve meeting minutes were released. Alphabet shares dropped 1.5% amid potential antitrust actions. Investors are eyeing upcoming inflation data and the earnings season. Hurricane Milton threatens Florida while Boeing shares declined following union talks breakdown.