Indian shares set to open down tracking Asian peers ahead of key macro data

BENGALURU (Reuters) – Indian shares are set to open marginally down on Monday after posting their best week in over two months, while Asian markets opened lower ahead of key macroeconomic data from major economies.

India’s GIFT Nifty on the NSE International Exchange was down 0.10% at 19,918 at 7:50 a.m. IST.

Asian markets fell on Monday, dragged by China on caution ahead of industrial output, retail sales and house sale prices data due later this week. Wall Street equities logged weekly losses on Friday on risk aversion due to rate concerns ahead of inflation data on Aug. 13.[MKTS/GLOB]

Investors also await India’s retail inflation data for August and industrial output figures for July, due on Tuesday. Retail inflation likely eased in August, from a 15-month high in July, to 7%, still above the upper end of Reserve Bank of India’s target band of 2%-6%, according to a Reuters poll of economists.

India’s blue-chips, the Nifty 50 and the Sensex, have extended gains for the sixth straight session on Friday, gaining nearly 3% over the period, since data showed on Aug. 31, that the country’s first-quarter gross domestic product (GDP) grew at 7.8%, fastest in a year.

Both the Nifty 50 and Sensex are 1% shy of the record high levels hit on July 20.

Foreign institutional investors sold 2.24 billion rupees of shares on a net basis on Friday, while their domestic counterparts bought 11.50 billion rupees ($138.55 million) of stocks, exchange data showed.


** Adani Enterprises: Company’s subsidiary in Singapore signs a joint venture agreement with Kowa Holding Asia, Singapore for sales and marketing of green ammonia, green hydrogen and its derivatives.

** SJVN: Co signs power-purchase agreement with Bhakra Beas Management Board for an 18 megawatt solar power project.

** ICICI Bank: Private lender gets RBI’s approval to make I-Process Services, a wholly-owned subsidiary of the Bank. ICICI Bank currently holds 19% in I-Process Services.

** Schaeffler India: Co acquires 100% stake in KRSV Innovative Auto Solutions for 1.42 billion rupees.

($1 = 83.0040 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil)