Indian Shares Look Headed For Weak Start
(RTTNews) - Lower SGX Nifty and the overnight setback on Wall Street point to a weak start for Indian shares Tuesday morning.
Data showing a stronger than expected acceleration in U.S. services sector activity in the month of November has raised the likelihood of more aggressive rate hikes by the Federal Reserve.
With the Reserve Bank of India's monetary policy announcement due on Wednesday, the mood is likely to remain a bit cautious. The central bank is widely expected to raise its lending rate by 35 basis points.
In company news, HDFC will be in focus after LIC of India increased its stake in the housing finance company to over 5 percent by acquiring 1.2 lakh shares from the open market.
Bajaj Consumer Care Ltd announced that its board of directors will consider a proposal for buyback of equity shares of the company on December 9.
Tata Motors is likely to increase passenger vehicle prices from next month as it aims to make its model range compliant with stricter emission norms that come into force from April 1, 2023.
Indian shares ended flat on Monday, tracking mixed global cues after robust U.S. jobs data released on Friday stirred anxiety over the pace of future rate increases. Higher oil prices weighed as well.
The benchmark S&P BSE Sensex ended the session down 33.90 points, or 0.05 percent, at 62,834.60 - extending losses for a second straight session. The broader NSE Nifty index edged up 4.95 points, or 0.03 percent, to close at 18,701.05.
U.S. stocks closed sharply lower on Monday. The Dow dropped 1.4 percent, the S&P 500 shed 1.79 percent, and the Nasdaq ended 1.93 percent down.
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