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Indian shares tipped to open lower as recession risks loom

09/27/2022 | 10:40pm EST
A general view of the Bombay Stock Exchange (BSE), after Sensex surpassed the 60,000 level for the first time, in Mumbai

BENGALURU (Reuters) - 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.

The NSE Nifty 50 index and the S&P 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. The company also secured an order from M. S. Synthetics.

** Rattanindia Power said it was holding discussions with lenders of unit, Sinnar Thermal Power for a resolution.

** Adani Enterprises raised 1 billion rupees by allotting non-convertible debentures.

** Mahindra and Mahindra said it sold 8.2 million shares of Mahindra CIE Automotive.

** SML Isuzu said it expects sales volume to increase and that export volumes would likely increase considerably in next 3-5 years.

** BHEL secured an order from NTPC for setting up 2x660 MW Talcher thermal power project stage-3.

** India's IFCI approved preferential issue of equity share capital worth up to 1 billion rupees to the India government.

** India's Wherrelz IT Solutions signed an agreement with Fedex Securities.

** Bharat Rasayan elevated Rajender Prasad Gupta as CEO.

** Nettlinx will consider raising of funds for expansion.

** Bank of India invested 100 million rupees in Open Network for Digital Commerce (ONDC). ($1 = 81.7050 Indian rupees)

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'Souza)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADANI ENTERPRISES LIMITED 0.17% 3921.45 End-of-day quote.129.52%
AXIS BANK LIMITED 0.20% 904.8 End-of-day quote.33.34%
BANK OF INDIA LIMITED 1.68% 84.5 End-of-day quote.64.56%
BHARAT RASAYAN LIMITED 0.38% 10121.5 Delayed Quote.-13.03%
CIE AUTOMOTIVE, S.A. 0.74% 24.36 Delayed Quote.-10.96%
FEDEX CORPORATION 0.53% 181.41 Delayed Quote.-29.86%
IFCI LIMITED 5.57% 13.83 End-of-day quote.-15.10%
KPI GREEN ENERGY LIMITED -1.28% 911.85 End-of-day quote.181.91%
MAHINDRA AND MAHINDRA LTD -2.23% 1264.6 Delayed Quote.51.06%
MAHINDRA CIE AUTOMOTIVE LIMITED -0.03% 287.3 End-of-day quote.22.26%
MOTHERSON SUMI WIRING INDIA LIMITED 0.25% 60.2 Delayed Quote.0.00%
MSCI SINGAPORE (GDTR) -0.77% 5693.85 Real-time Quote.-8.60%
NIFTY 50 -0.62% 18696.1 Delayed Quote.7.73%
RATTANINDIA POWER LIMITED 3.02% 4.43 End-of-day quote.-41.63%
SENSEX BSE30 -0.66% 62868.5 Real-time Quote.7.92%
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