India Stocks: Indian shares set to open lower on China COVID woes

DCM

28/11/2022 02:23

BENGALURU, Nov 28 (Reuters) - Indian stocks were set to
open lower on Monday, tracking weakness in global markets, as
sentiment took a hit due to protests in major Chinese cities
against the country's strict zero-COVID policy.
    India's NSE stock futures listed on the Singapore exchange
 SINc1  were down 0.34% at 18,598 as of 0140 GMT.
    Asian markets declined due to worries about the management
of COVID-19 in the world's second-largest economy, after
demonstrators and police clashed in Shanghai on Sunday. The MSCI
Asia ex-Japan index  .MIAPJ0000PUS  shed 2.19%.  MKTS/GLOB 
    Fears about a COVID-led dent to China's economic growth also
weighed on commodities, with Brent crude slipping to $83 per
barrel.  O/R 
    On Friday, the benchmark S&P BSE Sensex  .BSESN  gained
0.03% and closed at a new record of 62,293.64, while the NSE
Nifty 50 index  .NSEI  advanced 0.16% to also settle at an
all-time high of 18,512.75.
    Foreign institutional investors bought a net 3.69 billion
rupees ($45.17 million) worth of equities on Friday, while
domestic investors sold a net 2.96 billion rupees ($36.24
million) worth of shares, as per provisional NSE data.
    Stocks To Watch:
    ** Siemens  SIEM.NS : Life Insurance Corporation  LIFI.NS 
cut its stake in the company from 5.17% to 3.13%.
    ** DCM  DCML.NS : LIC reduced its stake in the company from
6.295% to 4.21%.
    ** One 97 Communications  PAYT.NS : The Reserve Bank of
India (RBI) declined a payment aggregator licence for the
company and asked it to reapply within 120 days after meeting
certain conditions.
    ** Hero MotoCorp  HROM.NS : To increase the prices of its
motorcycles and scooters by 1,500 rupees ($18.36) from Dec. 1
due to costs related to inflation.
    ** Larsen & Toubro Financial Holdings  LTFH.NS : Completed
divestment of its mutual fund business to HSBC Asset Management
(India) and received 34.84 billion rupees. The company also
realised surplus cash balance of 7.65 billion rupees in L&T
Investment Management.
    ** VA Tech Wabag  VATE.NS : Signed an agreement with Asian
Development Bank towards raising 2 billion rupees through
unlisted non-convertible debentures.
($1 = 81.6850 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru; editing by
Uttaresh.V)
 ((Bharath.rajeswaran@thomsonreuters.com,
akansha.victor@thomsonreuters.com))