Indian Shares Set to Open Lower on U.S. Rate Concerns and Foreign Selling

Indian shares are expected to open lower today, following a dip in Asian markets due to concerns over U.S. interest rates. The GIFT Nifty was down 0.20% at 19,574 points on the NSE International Exchange. Wall Street also experienced subdued equities after hawkish comments from U.S. Federal Reserve Chair Jerome Powell and Vice Chair for Supervision Michael Barr, which reignited worries about a prolonged high interest rate regime.

The Indian equity market remained closed on Monday due to a public holiday. However, the Nifty 50 extended losses for the second consecutive week on Friday. This decline in domestic equities coincides with the re-emergence of foreign portfolio investors’ (FPI) selling. FPIs ended a six-month buying streak in September, offloading shares worth 147.68 billion rupees. In addition, FPIs have been net sellers in each of the last nine sessions, selling shares worth 16.86 billion rupees on Friday.

Here are some stocks to watch:

1. Cipla (CIPL.NS): The drugmaker has divested a 51% stake in Saba Investment, UAE, for a consideration of $6 million.

2. Vedanta (VDAN.NS): The company has announced a split into six businesses as part of its strategy to improve the group’s financial performance.

3. Hero MotoCorp (HROM.NS): The two-wheeler maker plans to increase prices of select motorcycles and scooters by 1%.

4. Rail Vikas Nigam (RAIV.NS): The company has won an order worth 10.98 billion rupees for infrastructure development in Himachal Pradesh.

Despite the current challenges, the Indian market remains resilient, and investors are closely monitoring the developments in the global economy and the actions of foreign portfolio investors.