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.

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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.

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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).

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** 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.

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** 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)

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Reporting by Rama Venkat in Bengaluru; Editing by Neha Arora

Our standards: The Thomson Reuters Trust Principles.

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