scorecardresearchStocks To Watch: Piramal Pharma, PNC Infratech, Eicher Motors, Rail Vikas

Stocks To Watch: Piramal Pharma, PNC Infratech, Eicher Motors, Rail Vikas Nigam are stocks in news today

Updated: 03 Apr 2023, 09:11 AM IST
TL;DR.

India's NSE stock futures listed on the Singapore exchange were up 0.17% at 17,446.50 as of 8:05 a.m.

NEW YORK, NEW YORK - OCTOBER 13: Traders work on the floor of the New York Stock Exchange during afternoon trading on October 13, 2022 in New York City. U.S. stocks rose dramatically after falling to their lowest levels since 2020, recovering from a 500-point drop earlier in the day.   Michael M. Santiago/Getty Images/AFP

NEW YORK, NEW YORK - OCTOBER 13: Traders work on the floor of the New York Stock Exchange during afternoon trading on October 13, 2022 in New York City. U.S. stocks rose dramatically after falling to their lowest levels since 2020, recovering from a 500-point drop earlier in the day. Michael M. Santiago/Getty Images/AFP

(Reuters) - Indian shares were set to open slightly higher on Monday, the first active session of the new financial year, amid rising inflation concerns due to a surge in oil prices after OPEC+'s surprise output cut.

India's NSE stock futures listed on the Singapore exchange were up 0.17% at 17,446.50 as of 8:05 a.m. IST. The Nifty snapped a three-month losing streak on Friday, but the benchmark fell 0.60% in fiscal 2023.

Inflation concerns soured sentiment on a sharp rise in crude oil prices after Saudi Arabia and other oil exporting countries announced a surprise production cut.

Analysts expect the cuts to lift oil prices by about $10 per barrel, with Goldman Sachs raising its forecast for Brent crude to $95 per barrel by end-2023.

Besides inflation concerns, the rise in crude oil prices is a negative for oil-importing countries like India, where the commodity constitutes a significant share of the country's import bill.

Wall Street equities rose on Friday as favourable inflation data fuelled hopes of a potential end to the rate hike cycle by the U.S. Federal Reserve.

However, the probability of a quarter-point rate hike by the Fed in May has risen to 61%, from 48% on Friday.

Investors are likely to tread with caution ahead of the Reserve Bank of India's rate decision, due on April 6, said two analysts.

The RBI is likely to raise its main interest rate by 25 basis points on Thursday and then pause for the rest of the year, according to a Reuters poll of economists.

Stocks to Watch

** Piramal Pharma: U.S. drug regulator closes a Good Manufacturing Practices inspection of company's facility in Telangana successfully with zero Form - 483 observations.

** PNC Infratech: Co receives letter of award for three projects worth 32.64 billion Rupees from the National Highways Authority of India.

** Eicher Motors: Royal Enfield sees a 7% YoY rise in total sales in March.

** Rail Vikas Nigam: Co bags several orders, including a 12.72 billion Rupees project, jointly by TTIPL and Rail Vikas.

 

 

First Published: 03 Apr 2023, 08:43 AM IST