India Stocks: Indian shares set to open little changed tracking Asian peers

Ircon International

18/03/2024 02:44

BENGALURU, March 18 (Reuters) - Indian shares are likely
to open little changed on Monday, in line with Asian peers and
ahead of key central bank policy decisions due this week.
    The GIFT Nifty  GIFc1  was trading at 22,071 as of 08:11
a.m. IST, indicating the Nifty 50  .NSEI  will open near
Friday's close of 22,023.35.  
    Asian markets were off to a muted start with the MSCI Asia
ex-Japan index  .MIAPJ0000PUS  adding 0.02%. Wall Street
equities closed lower on Friday, after hotter-than-expected U.S.
inflation data added to worries of delay in Federal Reserve rate
cuts.  MKTS/GLOB 
    Investors await policy decisions and commentary from Japan's
central bank as well as the Fed, due later in the week, as they
look for clues into the future global interest rate trajectory.
    India's benchmark indexes logged weekly losses on Friday.
Small-  .NIFSMCP100  and mid-caps  .NIFMDCP100  underperformed,
posting their worst week in 15 months, after the markets
regulator flagged concerns of froth in the segments and as
stress test results indicated disparity in the durations that
mutual funds would take to liquidate their portfolios.
    "For several months now, there has been concern over the
inflated valuations in these categories, caused by the
irrational optimism of individual investors. However, it took
the markets regulator's forceful message to bring about a
correction," Pravesh Gour, senior analyst at Swastika
Investmart, said.
    Foreign portfolio investors bought Indian shares worth 8.49
billion rupees (about $102 million) on a net basis on Friday.
Domestic institutional investors sold a net 6.82 billion rupees
of stocks.
    
    STOCKS TO WATCH
    ** JSW Energy  JSWE.NS : Company's unit bagged an additional
500 Megawatt wind project from Solar Energy Corporation of
India.
    ** Ircon International  IRCN.NS : Company secured letter of
award for construction project worth 6.30 billion rupees.
    ** Rail Vikas Nigam  RAIV.NS : Company received a letter of
acceptance worth 3.39 billion rupees. 

($1 = 82.8720 Indian rupees)

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