Indian shares are likely to open on a mixed note on Monday, with investors tracking Asian markets and looking ahead to the Federal Reserve’s monetary policy announcement on Wednesday.
While the Fed is widely expected to leave interest rates unchanged, the latest batch of U.S. economic data have reignited concerns about the possibility of future rate hikes.
In company news, Bharat Electronics announced that it has received an order worth Rs 2,118.57 crore from Cochin Shipyard for supply of various equipments. The company has also received additional orders worth Rs 886 crore for upgradation of AFNET SATCOM N/W & Akash missiles with RF Seeker, and inertial navigation system and other equipments with accessories and spares.
Tata Elxsi Limited has entered into a global partnership with INVIDI Technologies to deliver targeted advertising solutions and create new revenue streams.
Jupiter Life Line Hospitals shares are set to make their debut on the exchanges today. The IPO, which came in with a price band of Rs 695-735, was subscribed 63.72 times. The QIB category was oversubscribed 187 times.
Indian shares climbed higher on Friday on the back of upbeat global sentiment after the European Central Bank signaled that Thursday’s rate hike could be the last hike in the current cycle.
China reported improved economic data for August and also announced a cut to banks’ reserve requirement ratio, helping spur a global rally.
Benchmark indexes Sensex and Nifty scaled fresh record highs for a second day running, tracking strength across world markets. The benchmark S&P BSE Sensex ended the session up 319.63 points, or 0.47 percent, at 67,838.63 while the broader NSE Nifty index closed up 89.25 points, or 0.44 percent, at 20,192.35.
Asian stocks are broadly lower today with the mood turning cautious ahead of the U.S. central bank’s policy announcement due later in the week. The Japanese market is closed for a holiday.
On Wall Street, stocks moved sharply lower over the course of the trading day on Friday, giving back ground following the rally seen on Thursday. The pullback partly reflected profit taking, with some traders cashing in on Thursday’s gains ahead of the next week’s Federal Reserve meeting.
The major averages all finished the day firmly in negative territory. The Nasdaq tumbled 217.72 points or 1.6 percent to 13,708.33, the S&P 500 slumped 54.78 points or 1.2 percent to 4,450.32 and the Dow slid 288.87 points or 0.8 percent to 34,618.24.
Market Analysis
Indian Shares Likely To Open On Mixed Note
2023-09-18 02:00:15
