scorecardresearchStocks To Watch: Indian shares set to open lower on steady oil, rate fears; Rail Vikas Nigam, India Pesticides in news

Stocks To Watch: Indian shares set to open lower on steady oil, rate fears; Rail Vikas Nigam, India Pesticides in news

Updated: 28 Dec 2022, 08:12 AM IST
TL;DR.
India's NSE stock futures listed on the Singapore exchange were down 0.48% at 18,061.50, as of 8:05 a.m. IST.
In India, there are two predominant stock exchanges namely BSE and NSE.

In India, there are two predominant stock exchanges namely BSE and NSE.

(Reuters) - Indian shares are set to open lower on Wednesday, amid mixed cues from U.S. economic data on growth trajectory and oil prices hovering around a three-week high.

India's NSE stock futures listed on the Singapore exchange were down 0.48% at 18,061.50, as of 8:05 a.m. IST.

Wall Street equities closed lower after data showed advance goods trade deficit for November narrowed to $83.35 billion from $98.8 billion in October, suggesting strength in the economy and adding to rate hike concerns.

The trade deficit data was offset by a separate report that showed a fall in home prices, indicating struggles for the housing market.

U.S. yields rose as investors tried to assess the path of interest rate hikes from the Federal Reserve following the mixed data and China's decision to scale back some of its COVID-related restrictions.

Asian markets recovered from a mixed start, with the MSCI Asia ex-Japan index rising 0.14%.

Oil prices rose to a three-week high on Tuesday on hopes of demand recovery in China, adding to the worries. Brent crude 

The restart of some U.S. energy plants which were shut due to winter storms offset the gains.

Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country's import bill.

Foreign institutional investors sold 8.68 billion rupees ($104.79 million) worth of equities on a net basis on Monday, while domestic investors bought about 6.22 billion rupees ($75.09 million) worth of shares, as per provisional NSE data.

STOCKS TO WATCH

** Rail Vikas Nigam: Co received Letter of Award worth 15.45 bln rupees for implementation of UTF harbour project in Maldives.

** India Pesticides: Co receives environmental clearance for setting up manufacturing plant in Uttar Pradesh.

First Published: 28 Dec 2022, 08:12 AM IST