INDIA STOCKS-Indian shares to open near six-month lows as oil prices rise

By Reuters News

Sept 29 (Reuters) - Indian shares are likely to open little changed on Tuesday, after sliding to near six-month lows in the previous session, as oil prices extended their rise on continued Middle East supply worries due to the US-Iran conflict.

Brent crude futures rose 1.34% to $106.7 a barrel. Higher oil prices are detrimental for India, the world's third-largest importer of the commodity, as they risk stoking inflation, widening the import bill and squeezing growth and corporate margins. O/R

GIFT Nifty futures were at 22,819.5 points as of 7:51 a.m. IST, indicating a muted start for the benchmark Nifty 50 .NSEI index, which closed at 22,780.25 on Monday.

Global macroeconomic concerns have largely aggravated the pressure on markets, with the surge in Brent crude, persistent foreign selling and elevated US Treasury yields as the key overhangs, spurring risk-off sentiment, said Ajit Mishra, senior vice president of research at Religare Broking.

Foreign institutional investors sold shares worth 53.53 billion rupees (about $558 million) on Monday, a four-week high. Meanwhile, domestic institutional investors purchased shares worth 51.89 billion rupees, as per provisional exchange data.


ADANI, TATA FIRMS IN FOCUS

Among stocks, Adani group companies will be in focus after the country's market regulator disposed of proceedings against the group chairman Gautam Adani and four group companies in a case regarding public-float violations.

The case concerned whether Adani companies met the 25% minimum public-shareholding rule and properly disclosed promoter-linked holdings. The Securities and Exchange Board of India imposed penalties of 2 million rupees each on two individuals in the case for wrongful disclosures.

Tata group companies will be watched after Tata Trusts proposed merging two group companies with Tata Sons to prevent listing driven by India's central bank.


STOCKS TO WATCH


** IT firm Coforge COFO.NS appoints Akhil Gupta as its non-executive independent director and chairperson for a period of five years, weeks after former chairman OP Bhatt resigned

** Pidilite Industries enters strategic partnership with South Korea's Hwaseung Chemical to bring advanced footwear adhesive technology to India

** Vikram Solar VIKO.NS secures a 400 MW module supply order in Maharashtra

** NCC NCCL.NS bags an order worth 10.77 billion rupees



($1 = 95.9800 Indian rupees)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.