BENGALURU (Reuters) – Indian shares were set to open lower on Wednesday, ending a three-day streak of highs, as caution ahead of the U.S. Congress’ approval of the debt deal set in, and on fresh concerns about China’s economic recovery.
India’s NSE stock futures listed on the Singapore exchange were down 0.37% at 18,661.50, as of 8:28 a.m. IST.
Asian equities were lower on U.S. debt deal concerns and weak manufacturing data from the world’s second largest economy, China. European equities declined on concerns that the deal could face a rocky path through U.S. Congress. [MKTS/GLOB]
The Nifty 50 has risen for four consecutive sessions, amid stable domestic earnings and sustained foreign inflows into equities.
Foreign institutional investors (FIIs) bought 20.86 billion rupees ($252.14 million) worth of Indian equities on Monday. FIIs have been net buyers in Indian stocks in 23 of the last 24 sessions.
Investors also await India’s GDP data, due post market hours on Wednesday.
STOCKS TO WATCH
**** Lupin Ltd: Co announces launch of biosimilar for head, neck cancer treatment.
**** Coal India Ltd: Co raises non-coking coal prices by 8%, effective from May 31.
**** Adani Ports and Special Economic Zone Ltd: Co’s fourth-quarter profit takes hit from Myanmar port sale.
**** Torrent Pharmaceuticals Ltd: Co posts consolidated net profit in March quarter compared to net loss Y/Y.
($1 = 82.7159 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Nivedita Bhattacharjee)
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Source: The Print