Indian shares likely to edge up, rate worries at fore
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Indian shares are seen opening marginally higher on Tuesday after trading in a narrow range in the previous session, as investors look for new triggers, while interest rate worries are likely to keep investors on edge.
India's NSE stock futures listed on the Singapore Exchange were up 0.16% at 18,734, as of 07:35 a.m. IST.
A confluence of rate worries, China's shaky economic recovery and political developments in Russia led to uneasiness in Asia on Tuesday, with stocks wobbling in early trade.
The blue-chip Nifty 50 was largely unmoved in Monday's session, before finding support from auto and pharmaceutical stocks towards the end of trading hours. The S&P BSE Sensex closed flat on Monday, while the midcap index saw sharp gains, lifted by domestic buying.
On Monday, foreign institutional investors sold a net 4.09 billion rupees ($49.9 million) worth of Indian equities, while domestic investors bought 2.5 billion rupees of shares, as per provisional NSE data.
STOCKS TO WATCH:
** Hindustan Unilever: Sanjiv Mehta retires as CEO.
** Banking stocks: S&P Global Ratings raised its assessment of India's banking sector, citing a "strong recovery" underway in the Indian financial sector.
** Aditya Birla Capital: Announces share sale of up to $213 million at issue price of 170-176 rupees per share.
** City Union Bank: Approves fundraising through qualified institutional placement of shares worth up to 5 billion rupees.
** Shree Cement: Dismisses speculative reports about tax evasion.
($1 = 81.9720 Indian rupees)
