scorecardresearchStocks To Watch: TCS, Tata Motors, Lupin, Star Health are stocks in news in trade on January 10

Stocks To Watch: TCS, Tata Motors, Lupin, Star Health are stocks in news in trade on January 10

Updated: 10 Jan 2023, 08:26 AM IST
TL;DR.
While Federal Reserve Chair Jerome Powell is expected to say more time is needed to show inflation is under control, markets will wait to see inflation levels at home and in the U.S., making them key to determine rate expectations.
Given the current scenario, Nifty’s fair value is seen at 19,500 by end CY23 (File Photo: PTI)

Given the current scenario, Nifty’s fair value is seen at 19,500 by end CY23 (File Photo: PTI)

(Reuters) - Indian shares were set for a muted opening on Tuesday, tracking global moves as investors weighed expectations of less aggressive Fed rate hikes against inflation and corporate earnings performance.

India's NSE stock futures listed on the Singapore exchange were down 0.12% at 18,150.50, as of 7:42 a.m. IST on Tuesday.

While Federal Reserve Chair Jerome Powell is expected to say more time is needed to show inflation is under control, markets will wait to see inflation levels at home and in the U.S., making them key to determine rate expectations.

India's retail inflation held steady in December, staying within the Reserve Bank of India's comfort zone for a second month, a Reuters poll of economists found. The data is due on Thursday.

Meanwhile, Indian corporate earnings season kicked off on Monday with IT major Tata Consultancy Services reporting third-quarter profit that climbed 11%, but missing estimates and flagging challenges in Europe as clients tighten spending.

IT stocks closed 2.83% higher on Monday, ahead of TCS results, to snap a three-day streak of losses.

In other Asian equities, the MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.02%.

Foreign institutional investors extended their selling streak for the twelveth day in a row, offloading 2.03 billion Indian rupees ($24.70 million) worth of equities on a net basis on Monday.

Domestic investors bought 17.24 billion rupees worth of shares, as per provisional NSE data.

STOCKS TO WATCH

** TCS: Co's third quarter net profit missed estimates, flags challenges in Europe as clients tighten spending.

** Tata Motors: Jaguar Land Rover's third quarter free cash flow likely to be over 400 million pounds as wholesales rise amid improvement in chip supply.

** Lupin: Co receives approval from Spain for reimbursement of Namuscla (mexiletine) for treatment of myotonia in adults. Pediatric trial of the drug in children is ongoing.

** Star Health and Allied Insurance: Co's total gross direct premium rises 13% YoY.

 

First Published: 10 Jan 2023, 08:26 AM IST