Thursday Morning Briefing: Fed Stands Pat; Commodities Fall 

The U.S. Federal Reserve reiterated plans for gradual interest-rate increases despite last quarter's slowdown. Global equities drifted lower, while commodities slipped.

Oil resumed its decline as U.S. stockpiles fell by less than what analysts projected. Futures on the S&P 500 Index rose 0.1 percent after the underlying gauge slid 0.1 percent Wednesday. Japan stock markets are shut this week for holidays.

SGX Nifty futures indicate a quiet start for Indian equities after the NSE Nifty 50 Index ended little changed on Wednesday.

Fed Holds Rates

The Fed's decision to leave the target federal funds rate unchanged in a range of 0.75 percent to 1 percent was widely expected by investors. Fed Chair Janet Yellen and at least five other Fed officials are scheduled to speak on Friday, giving policy makers a chance to explain their decision more fully.

Investors are now shifting their attention to Friday's key official employment report amid concern around the U.S. economy's tepid start to the year.

Meanwhile, the U.S. House of Representatives passed a $1.2 trillion spending bill to fund the government through September, averting a shutdown on Saturday.

Republican Party leaders plan to vote later today on their Obamacare repeal measure, even as doubts persist over whether they have enough votes to guarantee passage.

The next hurdle for investors to clear is the French presidential election on Sunday.

Also Read: Fed Signals Gradual Rate-Hike Approach Intact Despite Soft Patch

Commodities Slip

Oil fell below $48 per barrel as U.S. production increased for an eleventh week, reigniting concerns over a global supply glut.

U.S. crude output rose to 9.29 million barrels a day, the highest level since August 2015, according to the Energy Information Administration.

Organisation of Petroleum Exporting Countries is likely to extend cuts for six months as U.S. production expands, Bloomberg reported quoting Nigerian Oil Minister Emmanuel Ibe Kachikwu.

The Bloomberg Commodity Index hit its lowest level since November 18 on Wednesday with industrial metals leading the way down. Copper fell as much as 3.6 percent after stockpiles jumped.

Muted Start?

SGX Nifty futures dipped 0.14 percent to 9,326 as of 7:15 a.m., in line with the weakness in Asian equities.

Indian shares closed little changed after a volatile session on Wednesday, as gains in realty stocks were countered by weakness in drugmaker Lupin Ltd. on regulatory worries.

Shares of ICICI Bank Ltd. will be in focus today after the country's largest private-sector lender reported a near three-fold rise in March-quarter profit, even as asset quality deteriorated.

Also Read: Jump In ICICI Bank Profit Hides Deteriorating Asset Quality