Indian shares are set to open little changed on Thursday, with analysts expecting incremental moves in benchmark indexes due to a lack of major triggers and thin trading as the year comes to an end.

The GIFT Nifty futures were trading at 23,796 as of 8:00 a.m. IST, indicating that the benchmark Nifty 50 will open near Tuesday’s close of 23,727.65.

Market sentiment remains subdued during the holiday-shortened week, with the benchmark indexes seeing muted activity amid thin volumes and reduced risk appetite as the year ends, said Vikram Kasat, head of advisory at PL Capital.

Indian equity benchmarks seen opening higher tracking regional peers

Foreign institutional investors remained net sellers of domestic equities for the seventh session in a row on Tuesday, offloading shares worth 24.54 billion Indian rupees ($288 million).

Meanwhile, domestic institutional investors bought Indian shares for the sixth straight session, purchasing shares worth 28.19 billion rupees.

Other Asian markets inched higher on the day, while Wall Street equities were closed overnight for the Christmas holiday.