India Stocks: Indian shares set to open lower with HDFC, Fed decision in focus

Bharat Dynamics

20/09/2023 03:57

Sept 20 (Reuters) - Indian shares are set for a weaker opening on
Wednesday, with heavyweight HDFC Bank in focus after the country's top private
lender flagged impact to its asset quality, while investors await a key policy
decision from the U.S. Federal Reserve.
    India's GIFT Nifty  .GIFc1  on the NSE International Exchange was down about
0.1% at 20,080.5 points, as of 8.20 a.m IST.    
    Markets in India were closed on Tuesday on account of a public holiday. On
Monday, the Nifty 50  .NIFTY50  and S&P BSE Sensex  .BSESN  fell 0.3% and 0.4%,
respectively.
    HDFC Bank  HDBK.NS  on Monday said its gross non-performing assets will
likely increase as of July 1, after its merger with HDFC. 
    Separately, investors will focus on stocks that have exposure to the
Canadian pension fund (CPP) after India's relationship with Canada soured on
Tuesday. CPP had increased its investment in Indian markets to about $15
billion, as of the fiscal year ending March. 
    Investors also expect the Fed to hold interest rates steady at the
conclusion of its two-day meeting on Wednesday, but with a hawkish view.
        Elevated Brent crude prices could dent investor sentiment in India, as
the country is a major net oil importer and any significant surge in oil prices
will weigh on its import bill and current account deficit. 
    Foreign investors sold 12.37 billion rupees ($148.64 million) worth of
shares on a net basis on Monday, while their domestic counterparts bought 5.53
billion rupees worth of equity, according to stock exchange data. 
    
    
    STOCKS TO WATCH 
    ** Bharat Dynamics  BARA.NS  : Bharat Dynamics Signed Contract Worth 2.91
Billion Rupees With IAF
    ** Thyrocare Technologies  THYO.NS  : Thyrocare Technologies Enters
Subscription Agreement With Kastipharm
    ** Tata Motors  TAMO.NS  : Tata Motors to hike commercial vehicle prices for
third time in 2023.


($1 = 83.2230 Indian rupees)

 (Reporting by Archishma Iyer in Bengaluru; Editing by Sonia Cheema)
 ((Archishma.Iyer@thomsonreuters.com;))