Reuters, September 25, BENGALURU – Following last week’s poor performance, the worst in several months, amid worries that global interest rates will continue high, Indian stock markets are likely to start the week on a negative note.
India’s GIFT Nifty (.GIFc1) was trading at 19,692 points on the NSE International Exchange at 7:53 a.m. IST, up just 0.25%.
The S&P BSE Sensex fell 0.33% to 66,009.15 points on Friday, while the main Nifty 50 (.NSEI) index finished 0.34% lower at 19,674.25 points.
With a 2.7% drop, the Sensex had its worst week since June 2022. The Nifty 50 index also had its worst performance since February at the same time.
Following the company’s disclosure that it has received a notice to remit taxes totaling 111.4 billion rupees ($1.34 billion), including interest and penalties, for the period spanning July 2017 to March 2022, shares of Delta Corp (DELT.NS), an Indian casino operator, may experience downward pressure.
The third-largest oil importer in the world, India, may experience higher inflation as a result of the rising crude oil prices, which investors will also be keeping an eye on.
Foreign investors have been selling shares worth more than $1 billion as of September 21; this has put pressure on the domestic markets.
According to preliminary stock market data, local investors bought shares worth 8.01 billion rupees on Friday, while foreign institutional investors (FIIs) sold shares worth 13.27 billion rupees.
COMPANIES TO WATCH:
CEAT (CEAT.NS): The business received a tax order from the government for 1.07 billion rupees in addition to a 1.07 billion rupee penalty.
On October 5, Bajaj Finance (BJFN.NS) will assess whether it may raise money through a qualified institutional placement.
Following a production halt in India’s Goa state, Abbott India (ABOT.NS) has warned about probable supply constraints for two well-known laxative syrups.
