Markets

Indian shares to fall on global worries; techs eyed

NEW DELHI : Indian shares are set to extend a fall on Friday, in line with their Asian peers as prospects of a global re

Published September 23, 2011 Updated September 23, 2011 04:17am

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By Shoaib Ur Rehman

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The 30-share BSE index , which slid 4.1 percent on Thursday in its biggest one-day fall in more than two years, is on track to post the worst weekly loss in just over a month. It is down 3.4 percent so far this week.

Export-driven software services companies such Infosys and Tata Consultancy Services would be watched as policymakers' failure to arrest global economic stagnation sent world markets spiraling downward.

US stocks plunged on Thursday, extending a selloff to four days.

"Our opening will be definitely weak," said Neeraj Dewan, director at Quantum Securities in New Delhi. "But I don't expect a sharp selloff."

Asian stocks were on track for their worst weekly drop since November 2008.

The MSCI's measure of Asian markets other than Japan was down 1.67 percent by 0302 GMT. Japanese markets were shut on Friday for a public holiday.

The Nifty India stock futures in Singapore were down 0.65 percent, indicating a lower opening for the Indian market.

STOCKS TO WATCH

Dr Reddy's Laboratories Ltd , after the drugmaker announced the launch of rivastigmine tartrate capsules, a bioequivalent generic version of Exelon, in the United States.

State-run Oil and Natural Gas Corp is considering shipping crude to India from a Syrian joint-venture if US and European sanctions prevent sales continuing to refiners in Europe.

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