scorecardresearchStocks To Watch In Trade Today: Zomato, PB Fintech, IEX, Jet Airways

Stocks To Watch In Trade Today: Zomato, PB Fintech, IEX, Jet Airways

Updated: 21 Nov 2022, 08:47 AM IST
TL;DR.
India's NSE stock futures listed on the Singapore exchange were down 0.32% to 18,292 as of 0139 GMT. Chinese blue chips stock tumbled on the country's new restrictions, dragging down Asian shares more than 1%.
On Monday, the Sensex rose 0.39% to end the day at 61,185.15, while the broader NSE Nifty rose 0.47% to close at 18,202.80. (File Photo: AFP)

On Monday, the Sensex rose 0.39% to end the day at 61,185.15, while the broader NSE Nifty rose 0.47% to close at 18,202.80. (File Photo: AFP)

(Reuters) - Indian equity benchmarks are set to open lower on Monday, tracking the drop in Asian equities due to fresh COVID-19 restrictions in China and the chances of an extended U.S. Federal Reserve tightening cycle.

India's NSE stock futures listed on the Singapore exchange were down 0.32% to 18,292 as of 0139 GMT. Chinese blue chips stock tumbled on the country's new restrictions, dragging down Asian shares more than 1%.

The benchmark S&P BSE Sensex closed down 0.14% at 61,663.48 on Friday, while the NSE Nifty 50 index closed 0.2% lower at 18,307.65.

The indexes logged their first weekly drop in five last week on fears the Fed will continue with aggressive rate hikes, which were bolstered by a raft of hawkish comments from Fed officials over the week.

That makes the mid-week release of the minutes of the Fed's last meeting a likely trigger event for the markets, especially given the lack of any major domestic cues through the week.

Oil prices hovered at two-month lows, in part due to concerns over China's demand. The move in crude prices has a direct impact on local inflation as India is one of the largest importers of the commodity.

Foreign institutional investors sold 7.51 billion Indian rupees ($92 million) worth of equities on Friday, while domestic investors bought 8.90 billion rupees ($109 million) of shares, per provisional NSE data.

Stocks To Watch:

** Zomato co-founder Mohit Gupta resigned on Friday.

** Jet Airways: The Jalan-Kalrock consortium said it is committed to completing the takeover of and restarting the airline.

** PB Fintech: The parent of online insurance aggregator, Policybazaar, has invested $2 million for a 26.72% stake in YKNP Marketing Management for access to UAE banks.

** Indian Energy Exchange: The company will consider a proposal to buy back its shares. 

First Published: 21 Nov 2022, 08:47 AM IST