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INDIA STOCKS-Indian shares may open lower as Polish deaths raise market concerns

Reuters · 11/15/2022 21:38
INDIA STOCKS-Indian shares may open lower as Polish deaths raise market concerns

- Indian shares are expected to open lower on Wednesday, a day after the Sensex closed at a fresh high, as global markets were rattled by media reports that said Russian missile attacks killed two people in a Polish village the Ukraine border.

India's NSE stock futures listed on the Singapore exchange SINc1 were down 0.25%, as of 0217 GMT. The MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.22%. MKTS/GLOB

Reuters reported firefighters said two people were killed in an eastern Polish village the Ukrainian border, that raised fears of an escalation in the war. Other media said the deaths were due to what Kyiv said were the heaviest Russian missile strikes since the war began.

Separately, India would exceed budget estimates for direct tax collection by 25%-30% in fiscal 2023, an income tax official from India's finance ministry said.

On Tuesday, the NSE Nifty 50 index .NSEI closed 0.41% higher at 18,403.40, while the S&P BSE Sensex .BSESN advanced 0.40% to 61,872.99 - a record close - in a volatile session.

Foreign institutional investors sold 2.21 billion Indian rupees ($27.25 million) worth of equities on Tuesday, while domestic investors offloaded 5.49 billion rupees of shares, according to provisional data available with the National Stock Exchange.

Stocks to watch:

** RBL Bank RATB.NS is looking to ramp up its retail exposure to protect its books from being over-exposed to large corporates, its CEO R Subramaniakumar told Reuters.

** Vaibhav Global VAIB.NS said a few of its units faced cyber-attack and it is gradually recovering systems back to operations.

** Tata Consultancy Services TCS.NS said TAP Air Portugal selected it as its strategic partner.

** IOL Chemicals and Pharmaceuticals IOLC.NS approved formation of a wholly owned subsidiary in United Kingdom aimed at expanding business globally.

** Lender Punjab & Sind Bank PUNA.NS revised its one-year MCLR to 8%.

** Bharat Electronics BAJE.NS signed MoUs with SVC Tech Ventures, Hindustan Shipyard, U.S. firm Profense and Yantra India.

** Sugar stocks may move as Reuters reported sugar mills in India have been renegotiating and defaulting on contracts to supply 400,000 tonnes of the sweetener to overseas buyers.

($1 = 81.1000 Indian rupees)

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Dhanya Ann Thoppil)

((Praveen.Paramasivam@thomsonreuters.com; https://twitter.com/PraveenR_P ; +91 867-525-3569;))