India Stocks: India's Nifty 50 set to open lower tracking Asian peers

ICICI Securities

17/01/2024 02:45

BENGALURU, Jan 17 (Reuters) - India's benchmark Nifty 50
index is set to open lower on Wednesday, tracking Asian peers
after China's quarterly growth missed expectations, while HDFC
Bank will be in focus after it  posted a bigger-than-expected
quarterly profit.
    India's GIFT Nifty  GIFc1  was trading at 21,826.50 as of
8:11 a.m. IST, suggesting the NSE Nifty 50  .NSEI  will open
below its Tuesday close of 22,032.30.
    Asian markets were lower, with the MSCI Asia ex-Japan index
 .MIAPJ0000PUS  shedding 1.3% after China's economic growth in
December quarter missed expectations. 
    Wall Street equities also closed lower overnight after a key
Federal Reserve official said that the U.S. central bank should
not rush to lower rates, dampening expectations of early rate
cuts.  MKTS/GLOB 
    Indian shares declined on Tuesday, dragged by a pullback in
information technology stocks after a recent rally.
    Shares of top private lender and the heaviest weighted stock
in Nifty 50 index - HDFC Bank  HDBK.NS  will be in focus after
reporting a bigger-than-expected profit for the third quarter,
post market hours on Tuesday.
    The American-listed shares of the bank fell 6.71% overnight.
    Investors also await the results of Nifty 50 companies like
Asian Paints  ASPN.NS  and LTIMindtree  LTIM.NS , due on
Wednesday.
    Foreign institutional investors bought Indian shares worth a
net 6.57 billion rupees ($79.09 million) on Tuesday, while
domestic institutional investors sold shares worth 3.69 billion
rupees.

    STOCKS TO WATCH:
    ** L&T Technology Services  LTEH.NS : IT company retained
its revenue growth forecast for fiscal 2024 after reporting rise
in net profit and revenue in third quarter.  urn:newsml:reuters.com:*:nL4N3E51KT
    ** ICICI Securities  ICCI.NS : Company posted rise in
consolidated net profit in September quarter.  urn:newsml:reuters.com:*:nFWN3E60MY
    ** PNC Infratech  PNCI.NS : Company received letter of award
for a Madhya Pradesh construction project, worth 11.74 billion
rupees.  urn:newsml:reuters.com:*:nFWN3E60NK
    ** Network18 Media & Investments  NEFI.NS : Company reported
widening of consolidated net loss in December
quarter. urn:newsml:reuters.com:*:nFWN3E60R6

($1 = 83.0690 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by
Mrigank Dhaniwala)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))