India Stocks: Indian shares seen opening flat; Powell's speech, earnings eyed

Star Health and Allied Insurance

10/01/2023 02:49

BENGALURU, Jan 10 (Reuters) - 
    Indian shares were set for a muted opening on Tuesday,
tracking global moves as investors weighed expectations of less
aggressive Fed rate hikes against inflation and corporate
earnings performance. 
  
        India's NSE stock futures listed on the Singapore
exchange  SINc1  were down 0.12% at 18,150.50, as of 7:42
a.m. IST on Tuesday.
  
        While Federal Reserve Chair Jerome Powell is expected to
say more time is needed to show inflation is under control,
markets will wait to see inflation levels at home and in the
U.S., making them key to determine rate expectations.
  
        India's retail inflation held steady in December,
staying within the Reserve Bank of India's comfort zone for a
second month, a Reuters poll of economists found. The data is
due on Thursday.  urn:newsml:reuters.com:*:nL4N33U0F2   
  
    Meanwhile, Indian corporate earnings season kicked off on
Monday with IT major Tata Consultancy Services  TCS.NS 
reporting third-quarter profit that climbed 11%, but missing 
estimates and flagging challenges in Europe as clients tighten
spending.     
    IT stocks  .NIFTYIT  closed 2.83% higher on Monday, ahead of
TCS results, to snap a three-day streak of losses. 
    In other Asian equities, the MSCI's broadest index of
Asia-Pacific shares outside Japan  .MIAPJ0000PUS  was up 0.02%.
 MKTS/GLOB    
    Foreign institutional investors extended their selling
streak for the twelveth day in a row, offloading 2.03 billion
Indian rupees ($24.70 million) worth of equities on a net basis
on Monday.
    Domestic investors bought 17.24 billion rupees worth of
shares, as per provisional NSE data.
    STOCKS TO WATCH    
    ** TCS  TCS.NS : Co's third quarter net profit missed
estimates, flags challenges in Europe as clients tighten
spending.
    
    ** Tata Motors  TAMO.NS : Jaguar Land Rover's third quarter
free cash flow likely to be over 400 million pounds as
wholesales rise amid improvement in chip supply. 
    ** Lupin  LUPN.NS : Co receives approval from Spain for
reimbursement of Namuscla (mexiletine) for treatment of myotonia
in adults. Pediatric trial of the drug in children is ongoing. 
  
    ** Star Health and Allied Insurance  STAU.NS : Co's total
gross direct premium rises 13% YoY. 
($1 = 82.1700 Indian rupees)
 (Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru;
Editing by Nivedita Bhattacharjee)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))