Stocks To Watch: Rail Vikas Nigam, Tata Consumer, Torrent Pharma, HDFC Bank are stocks in news today

Stocks To Watch: Rail Vikas Nigam, Tata Consumer, Torrent Pharma, HDFC Bank are stocks in news today

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(Reuters) – Indian stocks were set to open lower on Monday amid lingering contagion risks in the global banking system, although the weekend bailout deal for Credit Suisse offered some relief.

Singapore-listed India NSE stock futures were down 0.52% at 17,072.50 as of 8:08 a.m. IST.

The Nifty 50 fell nearly 2% last week, its biggest drop in nearly a month.

Over the weekend, UBS said it would buy Credit Suisse for 3 billion francs ($3.2 billion) and take up to $5.4 billion in losses, in a deal engineered by Swiss authorities.

Shortly after the announcement, the US Federal Reserve, the European Central Bank and other major central banks issued statements to reassure markets affected by banking contagion fears. But investor sentiment remained fragile.

At least two big banks in Europe are examining contagion scenarios and looking to the Fed and ECB for stronger signs of support, two senior executives close to the discussion told Reuters.

In the US, S&P Global placed First Republic Bank’s credit rating in junk status.

Market participants are eagerly awaiting the Fed’s policy decision on Wednesday. The interest rate futures price implies approximately a 60% chance of a Fed rate hike.

MSCI’s broader index of Asia-Pacific stocks outside of Japan fell 0.74%.

Foreign institutional investors (FIIs) extended their selling streak to a seventh straight session on Friday, selling net shares worth 17.670 crores ($214.13 million).

Actions to watch

**Rail Vikas Nigam: Co emerges as highest bidder for project worth Rs 10,880 crore

** Tata Consumer: Co drops out of takeover talks with Bisleri

** Torrent Pharma – US FDA issues Form 483 with a remark for the company’s Gujarat facility

** HDFC and HDFC Bank: National Court of Company Law approves merger between HDFC and HDFC Bank. ($1 = 82.5200 Indian rupees)

First post: March 20, 2023, 08:41 am IS

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