INDIA STOCKS Indian shares seen opening lower on aggressive U.S. rate hike fears

BENGALURU, Oct 10 (Reuters) – Indian stocks are expected to open lower on Monday, trailing Asian peers after a solid US jobs report reinforced arguments for the Federal Reserve to continue aggressively raising interest rates.

India’s NSE stock futures, listed on the Singapore Stock Exchange, fell 1.59% as of 0214 GMT, while MSCI’s broadest index of Asia-Pacific stocks outside Japan (.MIAPJ0000PUS) fell 1%.

IT services provider Tata Consultancy Services (TCS.NS) is due to open the domestic earnings season later in the day.

The NSE Nifty 50 Index (.NSEI) ended slightly lower on Friday at 17,314.65, while the S&P BSE Sensex (.BSESN) ended largely unchanged at 58,191.29.

However, the indices posted their first weekly gain in four weeks, each up over 1%. The rupee fell to a new low against the dollar on Friday.

Federal Reserve officials have shown no intention of backing down from the most aggressive rate-hiking campaign in decades, stressing that the fight against inflation is ongoing.

Last week, the World Bank cut India’s growth forecast for this fiscal year by a full percentage point, as rising commodity prices and debt woes hit economies in South Asia.

Overseas institutional investors sold shares worth 22.51 billion Indian rupees ($271.79 million) net on Friday, according to preliminary data available to the National Stock Exchange.

Stocks in mind:

** The Indian government said on Friday it intends to sell a 60.72% stake in IDBI Bank (IDBI.NS) for $5.6 billion and has requested expressions of interest. Continue reading

** Tata Motors announced that JLR’s retail sales rose 12% in the second quarter but continue to be constrained by semiconductor shortages. **Artson Engineering Ltd (ARTS.BO) announced that it has received an order valued at Rs 427.6 million from a subsidiary of Adani Enterprises (ADEL.NS).

** Star Health And Allied Insurance (STAU.NS) said gross direct premiums stood at Rs 56.55 billion at the end of September, up 12%.

**PNB Housing Finance (PNBH.NS) appointed Vinay Gupta as Chief Financial Officer.

** Suzlon Energy Ltd (SUZL.NS) announced it has appointed Vinod Tanti as Chairman and Chief Executive Officer.

** Navkar Corporation Ltd (NAVR.NS) is transferring its Rs 1.74 billion movable assets to Adani Logistics.

** Janus Corporation Ltd (JANU.BO) is considering issuing bonus shares to the company’s existing shareholders at a board meeting to be held on Wednesday.

** Navoday Enterprises (NAVO.BO) is considering issuing bonus shares at a board meeting to be held on Wednesday.

** Canara Bank (CNBK.NS) has clarified that it has no control over the management or operations of Brickwork Ratings India Pvt Ltd.

** Orbit Exports Ltd (ORBE.NS) announced that it has completed the installation of new waterjet looms at its production unit in Surat, Gujarat.

** Wardwizard Innovations & Mobility (WARW.BO) appointed Deepakkumar Mineshkumar Doshi as CFO.

** Lemon Tree Hotels Ltd (LEMO.NS) has signed a license agreement for a 15 room hotel in Kanha, Madhya Pradesh.

** DB Realty Ltd (DBRL.NS) acquired the entire stake in Spacecon Realty.

($1 = 82.8200 Indian rupees)

Reporting by Rama Venkat in Bengaluru; Editing by Neha Arora

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