Indian shares set to open little changed; eye on Trump's fresh tariff vows
Nov 26 (Reuters) -Indian shares are set for a muted opening on Tuesday, after gaining nearly 4% over the past two sessions, with an eye on global trade tensions after U.S. President-elect Donald Trump pledged fresh tariffs on imports from three countries, including China.
The Gift Nifty futures GIFc1 were trading at 24,287.5, as of 08:25 a.m. IST, indicating that the benchmark Nifty 50 .NSEI will open near Monday's close of 24,221.9.
"The relief rally, backed by robust short-covering ahead of the monthly expiry this week, continued for a second straight session on Monday," said Prashanth Tapse, senior vice president of research at Mehta Equities.
"The enthusiasm after the ruling alliance'sMaharashtra election win gave markets a major boost."
Foreign investors snapped their 38-session record selling streak on Monday.
The recent correction made valuations attractive in large-caps, according to analysts.
Other Asian markets opened lower after U.S. President-elect Donald Trump pledged a 25% tariff on all imports from Canada and Mexico and an additional 10% tariff on China.
Trump'scomments triggered a rise in U.S. dollar. MKTS/GLOB
Among individual stocks, Adani group companieswill be in focus after ratings agency Fitch put some of the conglomerate's bonds on watch for a possible downgrade after some of the firm's key executives were indicted by U.S. authorities for alleged bribery charges.
The group has denied the allegations, calling them baseless.
Adani Energy Solutions ADAI.NS, Adani Electricity Mumbai and some of Adani Ports' APSE.NS rupee and dollar bonds are now on "watch negative", Fitch said.
French oil major TotalEnergies TTEF.PA on Monday halted investments into Adani Group, plunging Adani Green ADNA.NS 8% lower.
Since the U.S. indictment, the Adani group has lost about $29 billion in market value in three sessions, with about $27 billion lost on Nov. 21.
STOCKS TO WATCH
** Hindustan Unilever HLL.NS approves de-merger of ice-cream business into separate listed entity.
** KEC International KECL.NS wins new orders worth 11.14 billion rupees (about $132 million).
** HDFC Life HDFL.NS launches probe after customer data shared with "mala fide" intent.
** Ashoka Buildcon ABDL.NS secures 13.91 billion rupees National Highways project.
($1 = 84.3230 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
