scorecardresearchStocks To Watch: Mahanagar Gas, Power Grid, Zydus Lifesciences, Info Edge, Kansai Nerolac are stocks in news today

Stocks To Watch: Mahanagar Gas, Power Grid, Zydus Lifesciences, Info Edge, Kansai Nerolac are stocks in news today

Updated: 06 Mar 2023, 08:22 AM IST
TL;DR.
India's NSE stock futures listed on the Singapore exchange were up 0.41% at 17,704.50, as of 7:51 a.m.
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 higher on Monday after strong economic data from the United States and investment in the Adani group of companies boosted risk appetite.

India's NSE stock futures listed on the Singapore exchange were up 0.41% at 17,704.50, as of 7:51 a.m. IST.

Wall Street equities closed higher on Friday after data showed the U.S. services sector grew at a steady clip in February, indicating expansion of the economy in the first quarter of 2023.

Asian markets too advanced on Monday, with the MSCI's broadest index of Asia-Pacific shares outside Japan adding 0.23%. [MKTS/GLOB]

Indian shares logged weekly gains on Friday after U.S. boutique investment firm GQG Partners' $1.87 billion investments in Adani group stocks spurred a broad-based rally and improved risk sentiment. Both Nifty 50 and Sensex posted their best day in nearly four months.

However, concerns about a prolonged high-rate regime persisted after U.S. Federal Reserve officials reiterated the necessity to hike interest rates to tackle inflation.

Investors now await Fed Chair Jerome Powell's testimony to the U.S. Congress on Tuesday and Wednesday, for potential cues on the monetary policy trajectory.

Foreign institutional investors (FII) bought a net 2.46 billion Indian rupees ($30.12 million) worth of equities on Friday after snapping a selling streak in the previous session, aided by investment in the Adani conglomerate.

STOCKS TO WATCH 

** Mahanagar Gas: Co to acquire 100% stake of Unison Enviro for 5.31 bln rupees.

** Power Grid: Co declared successful to establish inter-state transmission system for two projects in Chhattisgarh.

** Zydus Lifesciences: Co receives final approval from U.S. drug regulator for oral solution to treat seizures in patients two years of age or older.

** Info Edge: Co's unit to invest 52 mln rupees in Sploot, a platform for pet parenting.

** Kansai Nerolac: Co approves acquisition of 40% of total shareholding of Nerofix from Polygel for 370 mln rupees.

 

First Published: 06 Mar 2023, 08:21 AM IST