Indian shares seen opening lower on aggressive U.S. rate hike fears


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BENGALURU — Indian shares are expected to open lower on Monday, tracking Asian peers, after a solid U.S. jobs report that strengthened the case for the Federal Reserve to keep raising interest rates aggressively.

India’s NSE stock futures, listed on the Singapore exchange , were down 1.59%, as of 0214 GMT, while MSCI’s broadest index of Asia-Pacific shares outside Japan shed 1%.

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IT service provider Tata Consultancy Services is set to kick off domestic earnings season later in the day.

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The NSE Nifty 50 index closed a tad lower at 17,314.65 on Friday, while the S&P BSE Sensex ended mostly flat at 58,191.29.

The indexes, however, recorded first weekly gain in four, rising over 1% each. The rupee on Friday sank to a new low against the dollar.

U.S. Federal Reserve officials have showed no intention of backing down from the most aggressive rate hike campaign in decades, emphasizing that the inflation fight was ongoing.

Last week, the World Bank trimmed India’s growth forecast for this financial year by a full percentage point, as rising commodity prices and debt trouble hit economies in South Asia.

Foreign institutional investors sold net 22.51 billion Indian rupees ($271.79 million) worth of equities on Friday, as per provisional data available with the National Stock Exchange.

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Stocks to watch:

** The Indian government said on Friday it is looking to sell a 60.72% stake in $5.6 billion IDBI Bank and has invited expressions of interest.

** Tata Motors said JLR’s retail sales in Q2 rose by 12% but remain constrained by semiconductor shortages.

** Artson Engineering Ltd said it got an order worth 427.6 million rupees from a subsidiary of Adani Enterprises.

** Star Health And Allied Insurance said gross direct premium as of September-end stood at 56.55 billion rupees, up 12%.

** PNB Housing Finance appointed Vinay Gupta as chief financial officer.

** Suzlon Energy Ltd said it appointed Vinod Tanti as chairman and managing director.

** Navkar Corporation Ltd to transfer its movable assets worth 1.74 billion rupees to Adani Logistics.

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** Janus Corporation Ltd to consider issue of bonus shares to existing shareholders of the company at a board meeting scheduled to be held on Wednesday.

** Navoday Enterprises to consider issue of bonus shares at a board meeting scheduled to be held on Wednesday.

** Canara Bank clarified it does not have any control in management or operations of Brickwork Ratings India Pvt Ltd.

** Orbit Exports Ltd said it completed installation of new water jet looms at production unit at Surat, Gujarat.

** Wardwizard Innovations & Mobility appointed Deepakkumar Mineshkumar Doshi as CFO.

** Lemon Tree Hotels Ltd signed license agreement for a 15-room hotel in Kanha, Madhya Pradesh.

** D B Realty Ltd acquired entire stake of Spacecon Realty. ($1 = 82.8200 Indian rupees) (Reporting by Rama Venkat in Bengaluru; Editing by Neha Arora)



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