Indian shares eye muted start to 2023 on weak cues, oil rise

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India’s NSE stock futures listed on the Singapore exchange were down 0.23% at 18,180.50, as of 7:55 am IST on Monday.

Wall Street equities closed lower on Friday, with all three major indexes recording their worst year since 2008.

Asian markets were trading mixed, with the MSCI Asia ex-Japan index rising 0.14%. [MKTS/GLOB]

The managing director of the International Monetary Fund (IMF) has warned that 2023 will be a tougher year than 2022 for the global economy as all the main drivers of global growth – the United States, China and Europe experience a weakening activity.

Oil prices rose over the year-end holiday travel. Brent crude futures were hovering around $86 a barrel. [O/R]

Higher oil prices hurt oil-importing countries like India, where crude oil makes up the bulk of the country’s import bill.

Foreign institutional investors sold 29.51 billion rupees ($356.76 million) of equities on a net basis on Friday, while domestic investors bought about 22.66 billion Indian rupees ($273.95 million) of shares, according to provisional NSE data .

STOCKS FOR THE CAVE

** Tata Motors: Co reported 17.7% YoY growth in sales in Q3FY2022-23.

** Maruti Suzuki: Co reported a 9% slide in December sales.

** HG Infra Engineering: Co declared as L-1 bidder by Delhi Metro Rail Corporation for a project worth 4.12 billion rupees.

** Hero MotoCorp: Co begins delivery of Vida V1 scooter, its first electric vehicle.

** REC/Adani Transmission: REC will sell its entire stake in WRSR Power Transmission to Adani Transmission

** NMDC: Life Insurance Corporation of India reduced its stake in the company to 13.699% from 15.772%.

($1 = 82.7170 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Uttaresh.V)

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