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HomeNewsOther NewsNMDC, Ashok Leyland, Biocon, Fortis Healthcare are stocks in news today

NMDC, Ashok Leyland, Biocon, Fortis Healthcare are stocks in news today


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(Reuters) – Indian shares are set to open lower on Wednesday, tracking slide in U.S. and Asian peers, after negotiations over the U.S. debt ceiling continued without resolution nine days ahead of a potential default.

India’s NSE stock futures listed on the Singapore exchange were down 0.42% at 18,285 as of 8:08 a.m. IST.

Wall Street equities declined overnight after U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy failed to reach an agreement on Tuesday over raising the debt ceiling, heightening worries of a potential default.

A failure to lift the ceiling could also trigger a spike in interest rates besides spurring a default, analysts cautioned.

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Hawkish comments from two U.S. Federal Reserve officials over the last two days also dragged sentiment. Asian markets trended lower on the day.

Indian shares rose for a third straight session on Tuesday, but gains were capped due to a slide in high-weightage information technology (IT) stocks amid uncertainty over U.S. debt ceiling talks. IT firms earn a significant share of their revenue from the United States.

“Caution becomes the buzzword, amid lacklustre global cues,” said Prashant Tapse, senior vice president (research) at Mehta Equities, and he pegged the support and resistance levels for Nifty 50 at 18,211 and 18,501, respectively.

Foreign institutional investors (FIIs) continued their buying streak on Tuesday, purchasing equities worth 1.83 billion rupees ($22.38 million). FIIs bought Indian shares in 18 of the last 19 sessions.

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Stocks to watch

** NMDC Ltd: Co reports 30% Y/Y fall in fourth-quarter profit on subdued demand

** Ashok Leyland Ltd: Co posts fall in the March quarter profit on higher costs, tax expenses

** Biocon Ltd: Co reports rise in consolidated net profit in March quarter

** Fortis Healthcare Ltd: Co posts rise in consolidated profit in fourth quarter

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