Indian shares tipped to open lower as recession risks loom
BENGALURU: Indian shares are expected to open lower on Wednesday, mirroring Asian peers, as risk aversion remained unabated on worries over a global recession. India’s NSE stock futures listed on the Singapore exchange were down 1.1% as of 0216 GMT, while MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.7%. Indian markets are expected to remain rangebound until the central bank’s policy decision on Friday, analysts have said. The Reserve Bank of India’s three-day policy meeting begins on Wednesday. Indian shares inch up as consumer stocks gain The NSE Nifty 50 index and the SP BSE Sensex closed flat at 17,007 and 57,107.52, respectively, on Tuesday. Foreign institutional investors sold a net 28.24 billion Indian rupees ($345.63 million) worth Indian equities on Tuesday, while domestic investors purchased net 35.05 billion rupees worth shares, as per provisional data available with the National Stock Exchange. Stocks to watch: ** India’s Axis Bank said it was looking to buy nearly 10% stake in Go Digit Life Insurance. ** India’s Torrent Pharma will acquire Curatio Health Care for $245 million. ** Housing Development Finance Corp said HDFC Investments will sell 12% stake in Softcell Technologies. ** Motherson Sumi Wiring India will consider a proposal for the issue of bonus shares. ** India’s shadow lender Piramal Capital and Housing Finance said the demand for loans is not showing any signs of slowdown. ** KPI Green Energy crosses cumulative consolidated solar power project capacity of 200 Mwp.
Indian shares tipped to open lower as recession risks loom
BENGALURU: Indian shares are expected to open lower on Wednesday, mirroring Asian peers, as risk aversion remained unabated on worries over a global recession. India’s NSE stock futures listed on the Singapore exchange were down 1.1% as of 0216 GMT, while MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.7%. Indian markets are expected to remain rangebound until the central bank’s policy decision on Friday, analysts have said. The Reserve Bank of India’s three-day policy meeting begins on Wednesday. Indian shares inch up as consumer stocks gain The NSE Nifty 50 index and the SP BSE Sensex closed flat at 17,007 and 57,107.52, respectively, on Tuesday. Foreign institutional investors sold a net 28.24 billion Indian rupees ($345.63 million) worth Indian equities on Tuesday, while domestic investors purchased net 35.05 billion rupees worth shares, as per provisional data available with the National Stock Exchange. Stocks to watch: ** India’s Axis Bank said it was looking to buy nearly 10% stake in Go Digit Life Insurance. ** India’s Torrent Pharma will acquire Curatio Health Care for $245 million. ** Housing Development Finance Corp said HDFC Investments will sell 12% stake in Softcell Technologies. ** Motherson Sumi Wiring India will consider a proposal for the issue of bonus shares. ** India’s shadow lender Piramal Capital and Housing Finance said the demand for loans is not showing any signs of slowdown. ** KPI Green Energy crosses cumulative consolidated solar power project capacity of 200 Mwp.