India’s Nifty 50 set to open lower tracking Asian peers

BENGALURU: India’s benchmark Nifty 50 index is set to open lower on Wednesday, tracking Asian peers after China’s quarterly growth missed expectations, while HDFC Bank will be in focus after it posted a bigger-than-expected quarterly profit.

India’s GIFT Nifty was trading at 21,826.50 as of 8:11 a.m. IST, suggesting the NSE Nifty 50 will open below its Tuesday close of 22,032.30.

Asian markets were lower, with the MSCI Asia ex-Japan index shedding 1.3% after China’s economic growth in December quarter missed expectations.

Wall Street equities also closed lower overnight after a key Federal Reserve official said that the US central bank should not rush to lower rates, dampening expectations of early rate cuts.

Indian shares declined on Tuesday, dragged by a pullback in information technology stocks after a recent rally.

Shares of top private lender and the heaviest weighted stock in Nifty 50 index – HDFC Bank will be in focus after reporting a bigger-than-expected profit for the third quarter, post market hours on Tuesday.

The American-listed shares of the bank fell 6.71% overnight.

Indian shares open lower tracking Asian peers

Investors also await the results of Nifty 50 companies like Asian Paints and LTIMindtree, due on Wednesday.

Foreign institutional investors bought Indian shares worth a net 6.57 billion rupees ($79.09 million) on Tuesday, while domestic institutional investors sold shares worth 3.69 billion rupees.



Business Recorder – Latest News India’s Nifty 50

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