Domestic stock indices are likely to trade lower on Wednesday, based on signals from their global counterparts. Asian stocks fell in early trading today and followed a poor Wall Street session overnight as US consumer confidence data dampened investor optimism and fueled concerns about a recession.
Trends on SGX Nifty pointed to a gap-down opening for the home markets. The Singapore Exchange’s Nifty Futures, also known as the SGX Nifty Futures, fell 151.50 points, or 0.96 percent, to 15,702.
The 30-share BSE Sensex was up 16 points, or 0.03 percent, to close at 53,177 Tuesday, while the broader NSE Nifty was up 18 points, or 0.11 percent, to settle at 15,850.
Here are stocks to watch during today’s session:
Reliance Industries (RIL): Billionaire Mukesh Ambani has resigned as director of RIL’s telecom arm, Reliance Jio Infocomm. His eldest son Akash Ambani becomes chairman of Jio’s board of directors, in what could be seen as the billionaire’s succession plan. Mukesh Ambani would continue to serve as chairman and general manager of RIL and as chairman of Jio Platforms Ltd. Jio Platforms is the parent company of all of Jio’s digital services brands, including Reliance Jio Infocomm.
SBI: State Bank of India, HDFC Bank and ICICI Bank each acquired a 9.54 percent stake in Perfios Account Aggregation Services Private Limited (Perfios AA). The three banks each acquired 8,05,520 shares by paying Rs 4.03 crore respectively.
Tata engines: The automaker said it would increase the prices of its commercial vehicles by 1.5 to 2.5 percent from July 1 to partially offset rising input costs.
Tata Steel: Tata Steel chairman N Chandrasekaran has said that upon completion of the acquisition, the company will ramp up Neelachal Ispat Nigam Ltd’s operations to a nominal capacity of 1.1 million tons per year within the next year.
Future group: The Singapore International Arbitration Center (SIAC) has rejected Future Group’s plea to end arbitration proceedings initiated by major e-commerce giant Amazon against Future Retail’s deal with Reliance Industries.
Furthermore, Delta Corp and Sun TV are two stocks in the F&O Prohibition Period (Futures and Options) today.