INDIA STOCKS Indian shares seen taking breather after four-day slide

INDIA STOCKS Indian shares seen taking breather after four-day slide

BENGALURU, Sept 27 (Reuters) – Indian shares are tipped to open slightly higher on Tuesday, after having fallen over 4% in the past four sessions, even as global markets remained jittery on economic growth concerns.

India’s NSE stock futures listed on the Singapore exchange were up 0.3% as of 0145 GMT, while MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.2%.

On Monday, the NSE Nifty 50 index (.NSEI) fell 1.8% to 17,016.30, while the S&P BSE Sensex (.BSESN) dropped 1.6% to 57,145.22.

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The Nifty’s volatility index (.NIFVIX), which indicates traders’ expectations about market instability over the next 30 days, hit its highest since mid-June on Monday.

Foreign institutional investors sold net 51.01 billion Indian rupees ($625.1 million) worth Indian equities on Monday as per provisional data available with the National Stock Exchange.

Stocks to watch:

** India’s Oil and Natural Gas Corp (ONGC.NS) has got a better price for oil under new rules that allow producers marketing freedom, industry sources said. read more

** Amara Raja Batteries (AMAR.NS) on Monday announced backward integration of its business.

** Jubilant Foodworks (JUBI.NS) acquired 29.42% stake in Roadcast Tech Solutions.

** Mahindra Logistics (MALO.NS) will sell its enterprise mobility business to its unit for 361.2 million rupees and buy Rivigo’s B2b Express business for 2.25 billion rupees.

** UCO Bank (UCBK.NS) plans rupee trade with Russia, Bloomberg News reported on Monday.

** Punit Commercials (PUNC.BO) will consider issue of bonus shares.

** Likhitha Infrastructure (LIKI.NS) approved sub-division of shares in ratio 1:2.

** Archies (ARGG.NS) reported minor fire in corporate office at Naraina industrial area.

** India’s Dev Information Technology bagged order worth 49.7 million rupees.

** Raghuvir Synthetics (RAGU.BO) said production has commenced from Sept. 26 at its factory.

** Shree Ajit Pulp And Paper (SAPP.BO) will consider issue of shares on rights basis.

($1=81.6100 Indian rupees)

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Reporting by Nallur Sethuraman in Bengaluru; Editing by Savio D’Souza

Our Standards: The Thomson Reuters Trust Principles.

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