Indian shares were set to open higher on Tuesday on the back of easing domestic inflation and hopes of lower interest rate hikes, while banks could track a fall in global peers as a U.S. banking crisis unnerved investors globally.
India's NSE stock futures listed on the Singapore exchange were up 0.35% as of 8:14 a.m. IST.
MSCI's broadest index of Asia-Pacific shares outside Japan were down 0.92% on the day. India's annual retail inflation rate eased to 6.44% in February from 6.52% in January, but stayed above the Reserve Bank of India's upper threshold for a second straight month. Investors will now focus on the U.S. inflation data, due later in the day, for cues on the rate hike trajectory amid expectations that the U.S. Federal Reserve could now become less hawkish given the banking crisis.
Foreign institutional investors (FII) sold a net 116.82 billion Indian rupees ($1.42 billion) worth of equities on Monday.
STOCKS TO WATCH
** Lupin : U.S. FDA completed inspection of co's
bioresearch centre in Pune without any observation
** Sona BLW Precision Forgings : Promoter Singapore
VII Topco III sold remaining 20.50% stake in co
** Tube Investments of India : To foray into
contract development and manufacturing operation; co will invest
2.85 billion rupees
** Bannari Amman Sugars : Union at two units called for strike from March 10
** B L Kashyap and Sons : Won orders worth 1.58
billion rupees
** CreditAccess Grameen : Crosses 200 billion
rupees of assets under management
($1 = 82.2350 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Eileen
Soreng)
