<div id="readability-page-1"><div> India's equity benchmarks were poised to open little changed near record highs on Friday in thin year-end trading volumes, with analysts saying further upside dependent on earnings momentum.The Gift Nifty futures (GIFc1) were trading at 26,111 points, as of 8:00 a.m. IST, indicating that the benchmark Nifty 50 would open near Wednesday's close of 26,142.1. Most markets, including India, were closed on Thursday for the Christmas holiday.Both the Nifty and Sensex hit record highs in November after 14 months, but have remained muted so far in December, shedding about 0.2% and 0.4%, respectively.&#34;While the medium-term structural outlook for Indian markets remains constructive, thin liquidity conditions and year-end book squaring are likely to cap sharp directional moves in the near term,&#34; said Ponmudi R, chief executive officer at Enrich Money.Year-end book squaring is a process where financial institutions, such as banks and investment firms, close out or rebalance their positions to tidy up books.This contributes to muted activity as firms refrain from taking new positions, leading to lower liquidity and fewer trades in the market.Average daily trading volumes of Nifty 50 stocks in December have been around 250 million shares, compared with about 300 million shares in the previous month, signalling lower activity as the year comes to an end.STOCKS TO WATCH ** IndusInd Bank says SFIO investigates the private lender under Companies Act ** Ola Electric receives government approval for 3.67 billion rupees incentive payout under the production-linked incentive (PLI) scheme for automobiles and auto components ** Panacea Biotec gets amended award from UNICEF for vaccine supply, projects a rise in contract value by $2.55 million and $2.70 million for 2026 and 2027, respectively ** Vikran Engineering secures order worth 4.59 billion rupees from NTPC Renewable Energy </div></div>

Indian equity benchmarks are set for a muted start in thin year-end trading volumes, with further upside dependent on earnings momentum. Gift Nifty futures indicate a near-flat opening for Nifty 50. Year-end book squaring and thin liquidity conditions are likely to cap sharp moves. Average daily trading volumes have decreased. Stocks to watch include IndusInd Bank, Ola Electric, Panacea Biotec, and Vikran Engineering.

Indian shares set for muted start in thin year-end trade