(fxcue news) - Indian shares look set to open on a muted note Thursday as investors react to a hawkish Fed policy statement and a mixed set of earnings results from the likes of Tata Motors and Bajaj Finance. Investors also await cues from next week's MPC meeting. Following recent measures to address tight liquidity conditions in the banking system, economists expect the Reserve Bank of India to commence the rate easing cycle with a 25-basis point rate cut in the February 7 policy meeting. Benchmark indexes Sensex and Nifty jumped around 0.8 percent and 0.9 percent, respectively on Wednesday to extend gains for a second day running on the back of firm global cues and optimism surrounding upcoming Union Budget this weekend. The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have announced that they will remain open for normal trading hours from 9:15 am to 3:30 pm on Saturday, February 1, 2025, in light of the Union Budget presentation by Finance Minister Nirmala Sitharaman. The rupee ended little changed at 86.54 against the greenback amid likely RBI intervention and month-end related dollar demand. Asian markets were mixed in thin holiday trade this morning as investors wait for clarity on the Trump administration's plans for trade policy. Traders were also reacting to U.S. tech earnings released after the closing bell on Wednesday. Meta Platforms reported fourth-quarter earnings that beat on the top and bottom lines. IBM reported better-than-projected quarterly sales and profit. Microsoft reported fiscal second-quarter Intelligent Cloud revenue that missed analysts' expectations. Tesla reported a disappointing quarter on both revenue and the profit front, but the management promised growth to return in 2025. The dollar weakened slightly in Asian trade while Treasuries held steady after ending Wednesday's session mostly unchanged. Gold was marginally higher while oil prices traded mixed. U.S. stocks fell overnight as the Federal Reserve left rates steady, as widely expected, and removed the reference on inflation making progress. "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks," the accompanying policy statement said. The tech-heavy Nasdaq Composite and the S&P 500 both dipped around half a percent while the Dow dropped 0.3 percent. European stocks closed mostly higher on Wednesday as tech stocks recovered from a sell-off at the start of the week. The pan European STOXX 600 gained half a percent. The German DAX rallied 1 percent and the U.K.'s FTSE 100 rose 0.3 percent while France's CAC 40 shed 0.3 percent.