scorecardresearchMarket Pre-Open: Shares to likely open lower over rate hike worries; from Wipro to Adani Wilmar, 6 stocks to watch

Market Pre-Open: Shares to likely open lower over rate hike worries; from Wipro to Adani Wilmar, 6 stocks to watch

Updated: 13 Oct 2022, 08:19 AM IST
TL;DR.
Investors will also assess earnings results from IT major Wipro Ltd after its quarterly profit missed estimates and forecast smaller sequential revenue growth for the December quarter amid a challenging macro environment.
FILE PHOTO: A man speaks on his mobile phone past a new brand identity for Nifty Indices inside the National Stock Exchange (NSE) building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas

FILE PHOTO: A man speaks on his mobile phone past a new brand identity for Nifty Indices inside the National Stock Exchange (NSE) building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas

BENGALURU, Oct 13 (Reuters) - Indian shares are expected to open lower on Thursday after data showed the country's retail inflation accelerated to a five-month high in September, stoking fears of further rate hikes by the central bank.

Investors will also assess earnings results from IT major Wipro Ltd after its quarterly profit missed estimates and forecast smaller sequential revenue growth for the December quarter amid a challenging macro environment.

India's NSE stock futures, listed on the Singapore exchange , were down 0.39%, as of 0228 GMT, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.55%.

India's retail inflation accelerated in September to 7.41% year-on-year as food prices surged, higher than the 7.3% forecast by economists in a Reuters poll, and above the previous month's 7%.

Foreign institutional investors sold net 5.42 billion Indian rupees ($65.91 million) worth of equities on Tuesday, while domestic investors bought 853.2 million rupees, as per provisional data available with the National Stock Exchange.

Stocks to watch:

** Wipro Ltd on Wednesday forecast smaller sequential revenue growth for the December quarter amid a challenging macro environment, but said its order pipeline looked robust with a few mega deals.

** HCL Technologies Ltd on Wednesday raised its full-year revenue growth forecast and reported a 7.1% rise in September-quarter profit, helped by a rise in new order wins.

** Adani Wilmar Ltd said it expected Q2 revenue to grow at low single digit.

** Life Insurance Corp Of India said it has cut stake in Power Grid Corp Of India to 3.300% from 5.303%.

** Adani Ports and Special Economic Zone Ltd said it received letter of award from West Bengal Industrial Development Corp for development of deep-sea port at Tajpur.

** Sterling And Wilson Renewable Energy Ltd said it has won order worth 22.12 billion rupees from NTPC Renewable Energy Ltd.

First Published: 13 Oct 2022, 08:19 AM IST