India Stocks: Indian shares set for cautious start; all eyes on Fed meeting

HFCL

18/09/2023 03:52

Bengaluru, Sept 18 (Reuters) - Indian shares are set to begin a
holiday-truncated week on a cautious note as investors digested economic data
from China and looked ahead to the U.S. Federal Reserve's policy meeting this
week.
    India's GIFT Nifty  .GIFc1  on the NSE International Exchange was up 0.1% to
20,186.5 by 0755 IST. 
    Asian stock markets fell on Monday as China's key property sector continues
to remain under stress even after positive data from the country showed signs of
stabilization.  MKTS/GLOB  
    Meanwhile, markets are betting that the Fed will stand pat on rates at its
Sept. 19-20 and investors will look for clues on the central bank's monetary
policy outlook. 
    On the domestic front, the Nifty 50  .NSEI  and Sensex  .NSEI  gained nearly
2% each last week and are expected to continue their stellar run. 
    The more domestically-focussed small-  .NIFSMCP100  and mid-caps
 .NIFMDCP100  have been volatile after hitting record highs on account of fears
of stretched valuations, according to analysts. 
    Separately, foreign investors bought 1.64 billion rupees ($19.74 million)
worth of shares on a net basis on Friday, while their domestic peers bought
19.39 billion rupees worth of equity, according to stock exchange data. 
STOCKS TO WATCH 
    ** Bharat Electronics  BAJE.NS : Bharat Electronics receives orders worth 30
billion rupees
    ** Axis Bank  AXBK.NS :  Investment banking unit co-CEO Chirag Negandhi
resigns
    ** HFCL Ltd  HFCL.NS : HFCL received order worth 10.15 billion rupees.
    ** Tata Steel  TISC.NS : Reaches deal with UK government for investment in
the UK steel industry.
    ** Dhanlaxmi Bank  DNBK.NS : Independent Director Sridhar Kalyanasundaram
resigns from the board

($1 = 83.0990 Indian rupees)

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