India Stocks: Indian shares set to rise after Powell hints at slower hikes

Moil

01/12/2022 02:36

BENGALURU, Dec 1 (Reuters) - Indian shares are set to
open higher on Thursday, tracking the sharp uptick in global
equities after Federal Reserve Chair Jerome Powell hinted at
slowing the pace of interest rate hikes "as soon as December."
    India's NSE stock futures listed on the Singapore exchange
 SINc1  were up 0.40% at 18,991.50 as of 07:30 a.m IST.
    Wall Street equities closed sharply higher overnight on
Wednesday and the dollar weakened, after Powell remarked it made
sense to moderate the pace of rate hikes, while cautioning the
fight against inflation was far from over.  urn:newsml:reuters.com:*:nS0N30W01U
    Asian markets also rose in response, with the MSCI Asia
ex-Japan index  .MIAPJ0000PUS  adding 2.29%.  MKTS/GLOB 
    Data on Wednesday showed the Indian economy logged 6.2%
annual growth rate in July-September after double-digit
expansion in the previous quarter. India's chief economic
adviser V Anantha Nageswaran said that the GDP growth for the
full fiscal year is likely to be 6.8%-7%.  urn:newsml:reuters.com:*:nL1N32Q0X7    
    Oil prices rallied, aided by weaker dollar and optimism over
Chinese demand recovery, while the likelihood of OPEC+ to keep
production unchanged capped gains. U.S. crude futures  CLc1 
rose over 3% to $80.55 per barrel while Brent  LCoc1  rose above
$85.  O/R 
    On Wednesday, the NSE Nifty 50 index  .NSEI  rose 0.75% to
settle at 18,758.35, while the S&P BSE Sensex  .BSESN  climbed
0.67% to end at 63,099.65, as the benchmarks closed at new highs
for the fifth consecutive session.
    Foreign institutional investors bought net of 90.10 billion
Indian rupees ($1.11 billion) equities on Wednesday, while
domestic investors sold 40.56 billion rupees worth of shares, as
per provisional NSE data.
    Stocks To Watch:
    ** Apollo Hospitals  APLH.NS : Company approved issue of
non-convertible debentures worth 1.05 billion rupees.
 urn:newsml:reuters.com:*:nFWN32Q0RK
    ** Grasim Industries  GRAS.NS : Income Tax appellate
tribunal quashed dividend distribution tax demand over the
demerger of financial services business.
    ** Punjab National Bank  PNBK.NS : Lender hiked MCLR rates
by 5 basis points across tenors, effective Dec. 1.  urn:newsml:reuters.com:*:nFWN32Q1UT
    ** MOIL  MOIL.NS : Company revised prices of different
grades of Manganese Ore and other products, effective Dec. 1.
($1 = 81.3590 Indian rupees)
 (Reporting by Bharath Rajeswaran and Akansha Victor in
Bengaluru; Editing by Dhanya Ann Thoppil)
 ((Bharath.rajeswaran@thomsonreuters.com,
akansha.victor@thomsonreuters.com))