Indian Shares Expected to Open Flat Amid Mixed Global Cues
Curated by THEOUTPOST
On Tue, 27 Aug, 8:02 AM UTC
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[1]
Indian shares likely to open little changed
Asian stocks fell as investors pondered looming U.S. interest rate cuts and awaited earnings from AI darling Nvidia, while rising tensions in the Middle East and supply concerns checked risk sentiment and lifted oil prices. The MSCI Asia ex-Japan index fell about 0.4%, while most of Wall Street's main indexes closed lower overnight. Investors await the U.S. personal consumption and core inflation data, due on Friday, for clues into the rate easing trajectory. Oil prices rose 3% higher overnight, with the Brent crude futures settling at $81.43. However, Brent retreated in Asia hours to around $81 per barrel as of 08:04 a.m. IST. Higher oil prices are a negative for importers of the commodity like India, where crude contributes a significant share to the country's import bill. The Nifty has logged gains in last eight sessions, inching towards all-time highs, helped by expectations of a U.S. rate cut in September and sustained inflows from domestic investors. There might be some profit booking early in the session as traders look to capitalise from the recent rally, two traders said. Domestic institutional investors (DII) remained net buyers of Indian equities for the 16th straight session on Monday, while foreign institutional investors (FII) purchased Indian shares for the third straight session. ** Hindustan Unilever receives tax demand of 9.63 billion rupees (about $115 million) from income tax department. ** Ultratech Cement raises $500 million via sustainability-linked financing. ** HCL Tech and Xerox extend agreement to drive innovation with AI and digital engineering. ** AU Small Finance Bank: Morgan Stanley, Societe Generale buy stake while Fincare Business sells 1.7% stake. (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K)
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Indian shares likely to open little changed
BENGALURU (Reuters) - Indian shares are likely to open little changed on Tuesday with traders expecting profit booking as the benchmark indexes hover near record highs, while a global rally on U.S. rate cut hopes paused. The GIFT Nifty was trading at 25,025.5 as of 08:04 a.m. IST, indicating that the NSE Nifty 50 will open near its previous close of 25,010.6. Asian stocks fell as investors pondered looming U.S. interest rate cuts and awaited earnings from AI darling Nvidia, while rising tensions in the Middle East and supply concerns checked risk sentiment and lifted oil prices. The MSCI Asia ex-Japan index fell about 0.4%, while most of Wall Street's main indexes closed lower overnight. Investors await the U.S. personal consumption and core inflation data, due on Friday, for clues into the rate easing trajectory. Oil prices rose 3% higher overnight, with the Brent crude futures settling at $81.43. However, Brent retreated in Asia hours to around $81 per barrel as of 08:04 a.m. IST. Higher oil prices are a negative for importers of the commodity like India, where crude contributes a significant share to the country's import bill. The Nifty has logged gains in last eight sessions, inching towards all-time highs, helped by expectations of a U.S. rate cut in September and sustained inflows from domestic investors. There might be some profit booking early in the session as traders look to capitalise from the recent rally, two traders said. Domestic institutional investors (DII) remained net buyers of Indian equities for the 16th straight session on Monday, while foreign institutional investors (FII) purchased Indian shares for the third straight session. STOCKS TO WATCH ** Hindustan Unilever receives tax demand of 9.63 billion rupees (about $115 million) from income tax department. ** Ultratech Cement raises $500 million via sustainability-linked financing. ** HCL Tech and Xerox extend agreement to drive innovation with AI and digital engineering. ** AU Small Finance Bank: Morgan Stanley, Societe Generale buy stake while Fincare Business sells 1.7% stake. (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K)
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Indian stock markets are likely to open with little change as investors weigh mixed global signals and await domestic economic data. The focus remains on upcoming inflation figures and corporate earnings reports.
Market Outlook
Indian shares are anticipated to open relatively flat on Wednesday, as investors carefully assess mixed global cues and await crucial domestic economic data. The cautious sentiment comes amid a complex interplay of international market trends and local economic indicators 1.
Global Influences
The global market landscape presents a mixed picture, with U.S. stocks closing lower overnight. This downturn was primarily driven by a rise in Treasury yields, which reached their highest levels since November. The increase in yields has put pressure on equities, particularly affecting growth and technology stocks 2.
Domestic Factors
On the domestic front, investors are keenly awaiting the release of India's retail inflation data for March, scheduled for later in the week. This economic indicator is expected to provide insights into the country's economic health and potentially influence market sentiment 1.
Corporate Earnings
The market is also bracing for the commencement of the January-March corporate earnings season. Major IT services provider Tata Consultancy Services is set to kick off the earnings cycle by reporting its fourth-quarter results. These corporate performance reports are likely to play a significant role in shaping market trends in the coming weeks 2.
Previous Market Performance
In the previous session, Indian shares demonstrated resilience by ending higher, despite the prevailing global uncertainties. The NSE Nifty 50 index closed up 0.24% at 17,722.30, while the S&P BSE Sensex rose 0.16% to 60,157.72. This positive performance indicates a degree of investor confidence in the Indian market 1.
Sector-specific Movements
Within the market, certain sectors are experiencing notable movements. IT companies, which derive a significant portion of their revenue from the United States, are under scrutiny due to concerns about the U.S. economic outlook. Conversely, Adani Group stocks have shown signs of recovery, bouncing back from recent losses triggered by a short-seller report 2.
Investor Strategy
As the market navigates through these mixed signals, investors are advised to maintain a cautious approach. The focus should be on closely monitoring upcoming economic data releases, particularly the inflation figures, and assessing their potential impact on market dynamics. Additionally, keeping a close eye on corporate earnings reports will be crucial for making informed investment decisions in the coming weeks 1 2.
Reference
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[2]
Indian Shares Poised for Lower Opening as US Economic Data Looms
Indian stock markets are expected to open lower as investors cautiously await key US economic data. The anticipation of this data is influencing global market sentiment and impacting Indian equities.
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Asian stock markets show mixed performance as investors anticipate Nvidia's earnings report and respond to Canada's new tariffs on Chinese electric vehicles. The tech sector remains in focus amid ongoing economic uncertainties.
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