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Tuesday November 24, 09:40 AM
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BSE Sensex to open flat to lower; Hindalco eyed
MUMBAI (Reuters) – The BSE Sensex (^BSESN : 16025.23 -16.95
) is expected to open flat to lower on Tuesday, tracking weak Asian markets, but the losses are likely to be limited as cash-rich foreign funds look for investment.
The main 30-share BSE index has risen more than 78 percent in 2009, fuelled by foreign portfolio inflows of more than $15 billion.
Hindalco Industries (HINDALC0.NS : 142 0) will be watched after the aluminium maker said it opened a share sale on Monday at 130.90 rupees each and had shareholder approval to raise up to 29 billion rupees. The stock had closed at 133.80 rupees.
Top vehicle maker Mahindra & Mahindra will be in focus after the head of its defence systems unit said it would bid for domestic defence projects worth $3.5 billion over the next seven years.
The MSCI's measure of Asian markets other than Japan was down nearly half a percent by 0316 GMT, while Japan's Nikkei shed 0.4 percent.
The Nifty (^NSEI : 4777.65 -15) India stock futures in Singapore were down 0.1 percent.
On Monday, the BSE index firmed 0.93 percent to 17,180.18, its best close in more than a month.
STOCKS TO WATCH
* HCL Technologies (HCLTECH.NS : 349.7 +2.95
), after the software services firm said it won a contract worth $200 million from British insurer Equitable Life.
* Dish TV, after the direct-to-home operator said on Monday it raised $100 million through sale of Global Depositary Receipts to Apollo Management.
* Swaraj Mazda, after the Economic Times reported Tata Motors (TATAMOTORS.BO : 679.35 +5.75), India's largest commercial vehicles maker, is looking at buying private equity firm Actis' stake in the truck and bus maker.
(Reporting by Ami Shah and Bharghavi Nagaraju; Editing by Ranjit Gangadharan)
