Indian Shares Likely To Open On Mixed Note

(RTTNews) - Lower GIFT Nifty and fairly steady Asian markets point to a somewhat mixed start for Indian shares Wednesday morning. Elevated crude oil prices and elusive U.S.-Iran deal to reopen the Strait of Hormuz are likely to weigh on sentiment.

Activity is likely to remain mostly stock specific. Some severely battered stocks may recover some lost ground on bargain hunting.

JSW Cement will be in focus after the company's board approved a scheme of arrangement to amalgamate Shiva Cement with and into JSW Cement to create a single, unified cement platform aimed at unlocking operational, financial and management synergies.

Prestige Estates Projects announced that Canada Pension Plan Investment Board has announced a Rs 3,000 crore investment in Prestige Hospitality Ventures (PHVL), to acquire a 27% stake in PHVL.

Power Mech Projects Ltd. has secured an order worth about Rs 550 crore to provide operation and maintenance services at Adani Group's Moxie Power Generation Tuticorin TPP.

Indian shares closed weak on Tuesday, extending recent losses, amid concerns about inflation due to elevated oil prices. Sustained selling by foreign portfolio investors weighed as well on stocks, while data showing an acceleration in India's industrial production in the month of September helped limit market's downside to some extent.

The benchmark BSE Sensex, which tumbled to 72,064.00 in early trades, settled at 72,529.07, losing 242.65 points or 0.33%. The National Stock Exchange's Nifty50 ended with a loss of 64.05 points or 0.28% at 22,716.20, well off the day's low of 22,569.65.

U.S. stocks ended weak on Tuesday after showing a lack of direction throughout the trading session as traders seemed reluctant to make significant moves ahead of the release of closely watched consumer price inflation data on Wednesday.

The major averages bounced back and forth across the flat line before settling modestly lower. The Dow Jones Industrial Average fell 131.59 points, or 0.26%, to ?51,349.92, the ?S&P 500 lost 12.85 points, or 0.17%, to 7,670.84 and the Nasdaq Composite lost 22.84 points, or 0.08%, to 26,797.54.