India Stocks: Indian shares set to open higher on short breather from banking fears

HDFC Asset Management

21/03/2023 02:53

BENGALURU, March 21 (Reuters) - Indian shares were set
to open higher on Tuesday, tracking a rebound in global equities
on temporary relief from the rescue of financial heavyweight
Credit Suisse, although contagion fears in banking cast a
shadow.
    India's NSE stock futures listed on the Singapore exchange
 SINc1  were up 0.41% at 17,094.50 as of 8:17 a.m. IST.
    U.S. and European equities rose on Monday as concerns over
the global banking crisis eased temporarily due to the rescue of
Credit Suisse. 
    The MSCI's broadest index of Asia-Pacific shares outside
Japan  .MIAPJ0000PUS  were up 0.59%.  MKTS/GLOB  
    The quick execution of Credit Suisse's takeover is a
temporary relief but worries of contagion in global banking
remain, analysts said.    
    U.S. lenders Silicon Valley Bank and Signature Bank
collapsed earlier this month, while shares of First Republic
Bank continue to tumble on fears that it will need a second
rescue to stay afloat. Last week, U.S. banks pumped $30 million
in deposits into First Republic Bank.  urn:newsml:reuters.com:*:nL4N35S2HH     
    Market participants are also keeping a watch on the U.S.
Federal Reserve's policy decision on Wednesday. Futures on
interest rates are pricing in a 72.3% chance of a 25 basis-point
Fed rate hike.  FEDWATCH                   
    Foreign institutional investors (FII) extended their selling
streak to an eighth straight session on Monday, selling a net
25.46 billion rupees of equities.
    
    Stocks to Watch: 
    ** RBL Bank  RATB.NS : RBI imposes a penalty of 22.7 million
rupees on the lender for non-compliance with rules on loan
recovery agents.  urn:newsml:reuters.com:*:nL4N35S30D
    ** Mangalore Refinery  MRPL.NS , Chennai Petroleum
 CHPC.NS , Oil India  OILI.NS , ONGC  ONGC.NS , Reliance
Industries  RELI.NS : Government cuts windfall tax on domestic
production of crude petroleum to 3,500 rupees per tonne from
4,400 rupees per tonne and raises export duty on diesel to 1
rupee per litre from 0.5 rupees.
    ** HDFC Asset Management Company: GQG Partners sells 2.48
million shares while SBI Mutual Fund buys 4.73 mln shares via
open market transactions.
    
    
    
     

($1 = 82.5200 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Dhanya Ann Thoppil)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))