US stocks closed lower in the overnight trade, retreating from record levels as investors grew discouraged over the halting progress of economic stimulus talks, while a drop in Facebook shares provided an additional drag.
Following the development, Asian stocks looked set to decline on Thursday. Australian S&P/ASX 200 futures were down 0.28 per cent in early trading, while Japan’s Nikkei 225 futures were down 0.06 per cent.
At 07:36 AM, Nifty futures on the Singapore Exchange (SGX) traded 14 points, or 0.10 per cent higher at 13,499.50, indicating a flat start for the Indian market on Thursday.
On Wednesday, the benchmark Sensex topped the 46,000 mark amid relentless buying by foreign portfolio investors (FPIs) while NSE's Nifty added 136 points, or 1 per cent, to close at 13,529.
Meanwhile, global strategy consultancy firm McKinsey has estimated that banks in India could face a potential hit of Rs 12 trillion till 2024 from the fallout of the Covid-19 pandemic — with revenue foregone estimated at Rs 5.5 trillion and loan loss provisions about Rs 6.7 trillion.
In another development, India’s largest carmaker Maruti Suzuki announced that it would increase prices of its vehicles from January. However, the price rise could be more this time as the cost of raw materials has increased significantly.
That apart, India's largest IT services firm Tata Consultancy Services (TCS) on Wednesday said its up to Rs 16,000-crore share buyback programme will commence on December 18 and close on January 1, 2021.
And, lastly, the government is planning to sell up to 20 per cent stake in Indian Railway Catering and Tourism Corp (IRCTC) through an Offer for Sale (OFS) which opens for subscription on Thursday. The floor price for the offer shall be Rs 1,367, it said.
 "Market Ahead, December 10: All you need to know before the opening bell")
