Indian shares eye muted start to 2023 on weak cues, oil rise

BENGALURU, Jan 2 (Reuters) – Indian shares were set to kick-start 2023 on a muted note due to higher oil prices and a surge in COVID-19 cases in China.

India’s NSE stock futures listed on the Singapore exchange were down 0.23% at 18,180.50, as of 7:55 a.m. IST on Monday.

Wall Street equities closed lower on Friday, with all three major indexes logging their worst year since 2008

Asian markets were trading mixed, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) rising 0.14%.

The International Monetary Fund’s (IMF) managing director warned that 2023 would be a tougher year than 2022 for global economy as all the major engines of global growth – United States, China and Europe experience weakening activity.

Oil prices rose on year-end holiday travel. Brent crude futures hovered around $86 per barrel.

Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country’s import bill.

Foreign institutional investors sold 29.51 billion rupees ($356.76 million) worth of equities on a net basis on Friday, while domestic investors bought about 22.66 billion Indian rupees ($273.95 million) worth of shares, as per provisional NSE data.


** Tata Motors (TAMO.NS): Co reported 17.7% YoY growth in sales in Q3FY2022-23.

** Maruti Suzuki (MRTI.NS): Co reported a 9% slide in December sales.

** HG Infra Engineering (HGIN.NS): Co declared as L-1 bidder by Delhi Metro Rail Corporation for project worth 4.12 bln rupees.

** Hero MotoCorp (HROM.NS): Co commences delivery of Vida V1 scooter, its first electric vehicle.

** REC/Adani Transmission (ADAI.NS): REC to sell its entire shareholding of WRSR Power Transmission to Adani Transmission

** NMDC (NMDC.NS): Life Insurance Corporation of India reduced its shareholding in the company to 13.699% from 15.772%.

($1 = 82.7170 Indian rupees)

Reporting by Bharath Rajeswaran in Bengaluru; editing by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.

Source link

Leave a Comment