scorecardresearchStocks To Watch: Reliance Industries, GAIL, Info Edge, Lupin, Rail Vikas Nigam and stocks in news today

Stocks To Watch: Reliance Industries, GAIL, Info Edge, Lupin, Rail Vikas Nigam and stocks in news today

Updated: 23 Dec 2022, 08:20 AM IST
TL;DR.
India's NSE stock futures listed on the Singapore exchange were down 0.44% at 18,098, as of 7:40 a.m. IST.
During the day, the Sensex hit a new high of 62,412.33, while the Nifty was just a few points away from its record high of 18,604.45 (Mint)

During the day, the Sensex hit a new high of 62,412.33, while the Nifty was just a few points away from its record high of 18,604.45 (Mint)

(Reuters) - Indian shares are set to open lower on Friday, tracking a fall in global equities after robust U.S. economic data revived concerns that the Federal Reserve will keep hiking interest rates for longer than previously expected.

India's NSE stock futures listed on the Singapore exchange were down 0.44% at 18,098, as of 7:40 a.m. IST.

Wall Street equities fell sharply overnight, after Gross Domestic Product in the third quarter was revised higher to 3.2% from 2.9% in the previous estimate. The number of Americans filing claims for unemployment benefits also increased lesser than expected.

The data showing a resilient economy fuelled investor fears that the Fed could raise rates further and for a longer period to tackle elevated inflation, while raising the possibility of a recession.

Asian markets also declined after the slide in U.S. shares, with the MSCI Asia ex Japan falling 0.70%.

Foreign institutional investors bought 9.29 billion rupees ($112.10 million) worth of equities on a net basis on Thursday, while domestic investors bought 22.07 billion rupees ($266.32 million) worth of shares, as per provisional NSE data.

Stocks To Watch:

** Reliance Industries: Jio's network services are selected by Indian Oil for its retail outlets. Co's unit Reliance Strategic Business Ventures also acquired a 23.3% stake in U.S.-based robotics and automation firm Exyn Technologies for $25 mln.

** GAIL (India): Life Insurance Corporation of India raises stake in GAIL to 6.833% from 4.815%.

** Info Edge (India): Life Insurance Corporation of India raises stake in Info Edge to 5.008% from 4.988%.

** Lupin: Co recalls four lots of Quinapril tablets, used to treat hypertension, in the U.S. due to the presence of a nitrosamine impurity.

** Rail Vikas Nigam: Co wins contract worth 1.99 bln rupees from Gujarat Metro Rail Corporation for Surat Metro Rail Project.

First Published: 23 Dec 2022, 08:20 AM IST