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Indian shares set to open lower, tracking Asian peers ahead of key macro

FILE PHOTO-A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, Indi... FILE PHOTO-A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo
FILE PHOTO-A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, Indi... FILE PHOTO-A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo

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Following their best week in over two months, Indian shares are expected to begin slightly lower on Monday. Asian markets also began lower ahead of important macroeconomic data from major nations.

At 7:50 a.m. IST, the Indian GIFT Nifty on the NSE International Exchange was down 0.10% at 19,918.

Anticipated to caution ahead of statistics on industrial production, retail sales, and home sale prices anticipated later this week, Asian markets, led by China, dipped on Monday. Due to rate worries ahead of the inflation report on August 13, Wall Street stocks saw weekly losses on Friday.

Investors also anticipate Tuesday’s release of India’s retail inflation data for August and industrial production data for July. According to a Reuters survey of experts, retail inflation likely decreased in August from a 15-month high in July to 7%, which is still beyond the top limit of the Reserve Bank of India’s target range of 2%-6%.

Since statistics indicated on August 31 that the country’s first-quarter gross domestic product (GDP) growth was at 7.8%, the fastest in a year, India’s blue-chip indexes, the Nifty 50 (.NSEI) and the Sensex (.BSESN) had increased gains for the sixth consecutive session, gaining over 3% during the time.

The record high levels reached on July 20 are only 1% away for the Sensex and Nifty 50.

According to exchange statistics, domestic institutional investors purchased 11.50 billion rupees ($138.55 million) worth of equities on Friday, while foreign institutional investors sold 2.24 billion rupees worth of shares on a net basis.

COMPANIES TO WATCH:

  • Adani Enterprises (ADEL.NS): A joint venture agreement for the selling and marketing green ammonia, green hydrogen, and its derivatives is signed between the company’s Singaporean subsidiary and Kowa Holding Asia.
  • SJVN (SJVN.NS): Co enters a power-purchase agreement for an 18-megawatt solar power plant with Bhakra Beas Management Board.
  • RBI approves the creation of I-Process Services as a wholly-owned subsidiary of ICICI Bank (ICBK.NS), a private lender. I-Process Services presently has a 19% ownership by ICICI Bank.
  • SCHE.NS): Co purchases KRSV Innovative Auto Solutions’ whole equity for 1.42 billion rupees from Schaeffler India.

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