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☆ Indian shares set for muted opening on weak global cues
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/file photo Acquire Licensing RightsBENGALURU, Sept 27 (Reuters) - Indian shares are set for a muted opening on Wednesday, tracking weakness in global equity markets as investors continue to grapple with prospects of higher interest rates denting economic growth. India's GIFT Nifty (.GIFc1) was mostly unchanged at 19,609 points at 7:34 a.m. IST on the NSE International Exchange. Meanwhile, foreign investors remained net sellers this month, offloading about $1.5 billion of shares as of Sept. 22, after pouring over $15 billion into Indian equities this year. Foreign investors sold 6.93 billion rupees of shares, while domestic investors bought 7.14 billion rupees shares on Tuesday, provisional exchange data showed.

Persons: Francis Mascarenhas, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, Exchange, BSE, U.S, Federal, Vedanta, Sethuraman NR, Thomson Locations: Mumbai, India, Bengaluru

☆ Indian shares seen opening lower amid sustained foreign selling
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/file photo Acquire Licensing RightsBENGALURU, Sept 26 (Reuters) - Indian shares are set to open lower on Tuesday, with higher-for-longer global interest rate expectations driving continuous foreign outflows from the domestic market amid subdued global sentiment. On Monday, the Nifty 50 (.NSEI) and the S&P BSE Sensex (.BSESN) closed mostly unchanged at 19,674.55 points, and 65,958 points, respectively. Foreign investors have been net sellers so far this month, offloading shares worth $1.36 billion, as of Sept. 22 after pouring in over $15 billion into Indian equities this year. On Monday, foreign institutional investors sold 23.33 billion rupees worth of shares, while domestic investors bought 15.79 billion rupees worth of shares, as per provisional exchange data.

Persons: Francis Mascarenhas, Ajith, Eileen Soreng Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, BSE, U.S, Federal, Of India, Realty, Hotel, & Realty, Sethuraman, Thomson Locations: Mumbai, India, Delhi, Bengaluru

☆ Indian shares set for muted opening; Delta Corp in focus after tax notice
▼ + stars: | 2023-09-25 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. India's GIFT Nifty (.GIFc1) was up 0.25% to 19,692 points at 7:53 a.m. IST on the NSE International Exchange. Meanwhile, the Nifty 50 index recorded its worst week since February. Domestic markets have come under pressure in September with foreign investors offloading over $1 billion worth of shares as of Sept. 21. Foreign institutional investors (FII) sold shares worth 13.27 billion rupees on a net basis on Friday, while domestic investors bought 8.01 billion rupees, as per provisional stock exchange data.

Persons: Francis Mascarenhas, Abbott, Ajith, Sohini Goswami Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, Exchange, BSE, Delta Corp, Bajaj Finance, Abbott India, Sethuraman, Thomson Locations: Mumbai, India, India's Goa, Bengaluru

☆ Indian shares set for subdued open as Fed angst weighs
▼ + stars: | 2023-09-22 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. Already, foreign investors have been net sellers so far this month, offloading shares worth $996.2 million as of Sept. 20. Foreign institutional investors (FII) sold shares worth 31.11 billion rupees ($375.2 million), on a net basis, on Wednesday and 30.07 billion rupees worth on Thursday, according to stock exchange data. Domestic investors, meanwhile sold shares worth 5.73 billion rupees on Wednesday but bought shares worth 11.58 billion rupees on Thursday, the data showed. Meanwhile, Indian government bonds will be included in JPMorgan's widely tracked emerging market debt index from June 2024, the Wall Street bank said on Friday.

Persons: Francis Mascarenhas, Dalal, Aparna Iyer, Raja, Tesla, Archishma Iyer, Anisha Ajith, Savio D'Souza Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, Exchange, BSE, Federal Reserve, Wipro, LG Energy, Exide Industries, Power Systems, Glenmark Pharmaceuticals, Sciences, Glenmark Pharma, Teck Resources, Sethuraman NR, Thomson Locations: Mumbai, India, U.S, Asia, Pacific, Japan, Teck

☆ Apple's iPhone seen gaining market share in India as Pro model demand rises
▼ + stars: | 2023-09-22 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsSept 22 (Reuters) - Apple (AAPL.O) is expected to gain a larger share of India's smartphone sales, with the high-end iPhone 15 Pro and Pro Max models accounting for more of its shipments. The tech giant has been touting India as its next big growth driver amid declining sales of its flagship device. Wait times in India for Apple's latest 15 Pro and Pro Max models, that go on sale Friday, are stretching up to late October, mirroring trends seen in China and the U.S. Still, Apple has a long way to go before the country could bring in sales seen in the company's major markets. Morgan Stanley, in a note earlier this month, estimated that Apple's revenue from India is about half that of China.

Persons: Francis Mascarenhas, Max, Tim Cook, Apple, Morgan Stanley, Yuvraj Malik, Shounak Dasgupta Organizations: Apple, REUTERS, Reuters, Apple's, Counterpoint, IDC, Samsung, Thomson Locations: Mumbai, India, China, U.S, Bengaluru

☆ Rupee set to rally on India's inclusion in JPMorgan bond index
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +3 min

Non-deliverable forwards indicate the rupee will open at around 82.80-82.82 to the U.S. dollar, compared with 83.09 in the previous session. Indian government bonds will be included in the Government Bond Index-Emerging Markets index and the index suite, JPMorgan said on Friday. Inclusion will start on June 28, 2024, and extend over 10 months with 1% increments on its index weighting. India's inclusion in the JPMorgan index increases the probability of inclusion into the Bloomberg Global Aggregate Bonds Index, which, IDFC First Bank estimates, could lead to additional inflows of $15 billion to $20 billion. The dollar index reached 105.74 on Thursday, the highest in over six months.

Persons: Francis Mascarenhas, Nimesh Vora, Savio D'Souza Organizations: REUTERS, Rights, U.S ., Government Bond, JPMorgan, IDFC, Bank, Bloomberg, Treasury, U.S . Federal, ING Bank, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI

☆ India shares close at two-week low as hawkish Fed spooks investors
▼ + stars: | 2023-09-21 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. Both the indexes fell for a third straight session on Thursday, losing as much as 1%. The Fed on Wednesday held key interest rates unchanged as widely expected, but warned that the battle against inflation was far from over. Higher interest rates dry up liquidity from the markets, increasing the cost of capital. The small-cap and mid-cap stocks fell 1.3% and 0.9% on Thursday, respectively.

Persons: Francis Mascarenhas, Siddhartha Khemka, Janane Organizations: Bombay Stock Exchange, REUTERS, Rights, U.S . Federal Reserve, BSE, Motilal Oswal Financial Services, Fed, . Banking, Sethuraman NR, Thomson Locations: Mumbai, India, Bengaluru

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Sept 20 (Reuters) - The Indian rupee, hovering near a record low, is expected to remain under pressure amid focus on crude oil prices and the U.S. Federal Reserve's policy decision. Non-deliverable forwards (NDF) indicate rupee will open at around 83.25-83.29 to the U.S. dollar compared with 83.2675 in the previous session. The Fed on Wednesday is widely expected to keep the policy rate unchanged with futures assigning a near zero percent probability of a rate hike. "We expect the 2023 median policy rate forecast to show one more 25bps hike, for a terminal rate of 5.5-5.75%," BofA Global Research said in a note.

Persons: Francis Mascarenhas, Brent, Nimesh Vora, Mrigank Organizations: REUTERS, Rights, U.S, Reserve Bank of, Fed, Research, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI, U.S . Federal, Reserve Bank of India, Asia

☆ Indian e-scooter maker Ather readies new models and exports after subsidy cuts
▼ + stars: | 2023-09-18 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

Ather electric scooters are seen outside the showroom in Mumbai, India, January 28, 2022. India's electric scooter market is small but growing, with e-models accounting for 5% of total scooter and motorcycle sales in the last fiscal year against a government target of 70% by 2030. "The transition to electric vehicles could have been faster if not for the (subsidy) change but even then, there will be no major impact in the mid to long term," he said. Valued at around $750 million, Ather will raise more money before the end of 2023 to back its growth plans, he said, without giving more details. "India will not only be the largest market in the world for electric two-wheelers but also the largest exporter," he said.

Persons: Francis Mascarenhas, Tarun Mehta, Mehta, Ather, Electric, Hero MotoCorp, Aditi Shah, Kirsten Donovan Organizations: REUTERS, Rights, Ather, Reuters, Softbank, TVS, Thomson Locations: Mumbai, India

☆ Indian shares hit fresh record highs on strong China data, U.S. rate pause hopes
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: 1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Sept 15 (Reuters) - India's benchmarks hit new record highs for the second consecutive session on Friday, tracking Asian peers, as stronger-than-expected macroeconomic data from China and easing U.S. rate concerns aided sentiment. The Nifty 50 (.NSEI) was up 0.35% to 20,173.15 by 9:15 a.m. IST, while the S&P BSE Sensex (.BSESN) gained 0.38% to 67,774.46. ($1 = 83.0300 Indian rupees)Reporting by Bharath Rajeswaran and Archishma Iyer in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Archishma Iyer, Sonia Cheema Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, Thomson Locations: Mumbai, India, China, Bengaluru

A security guard stands behind the logo of Indian Space Research Organisation (ISRO) at its headquarters in Bengaluru, India, June 12, 2019. REUTERS/Francis Mascarenhas/File photo Acquire Licensing RightsBENGALURU, Sept 15 (Reuters) - India is set to conduct a key test in its ambitious crewed space mission Gaganyaan as early as next month, the project director of the mission R. Hutton told Reuters. The Indian Space Research Organisation (ISRO) is currently training four astronauts and looking to expand the cohort as it aims for more future manned missions, Hutton said. ISRO has said it will explore ways to achieve a sustained human presence in space once Gaganyaan is completed. The space agency has previously said its Vikram Sarabhai Space Centre had successfully tested systems for stabilising the crew module and safely reducing its velocity during re-entry.

Persons: Francis Mascarenhas, Hutton, Vikram, Nivedita Bhattacharjee, Blassy Boben, David Holmes Organizations: Indian Space Research Organisation, ISRO, REUTERS, Rights, Reuters, Centre, Thomson Locations: Bengaluru, India, Sriharikota

☆ Audi exec says lower tax on imported EVs will help test India market
▼ + stars: | 2023-09-15 | by ( Hritam Mukherjee | ) www.reuters.com time to read: +2 min

The Audi Q8 Sportback e-tron electric sport utility vehicle (SUV) is unveiled during its launch in Mumbai, India, August 18, 2023. Reuters reported last month that the Indian government is working on a new EV policy that would slash import taxes for automakers that commit to some local manufacturing. Audi is trying to catch up with its peers, BMW (BMWG.DE) and Mercedes (MBGn.DE), in the transition to electric. Currently, the company's India arm only makes internal combustion engines locally, which is used in its petrol cars. After four models launched last month, six out of 16 models in Audi India's offerings are electric cars, which are entirely imported and sold in the country priced between $136,000 and $234,000.

Persons: Francis Mascarenhas, Balbir Singh Dhillon, Dhillon, Piyush Goyal, Hritam Mukherjee, Maju Samuel Organizations: Audi, REUTERS, Rights, Reuters, BMW, Mercedes, Thomson Locations: Mumbai, India, Bengaluru

☆ India's Nifty 50, Sensex hit record highs on rising hopes of a Fed rate pause
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Sept 14 (Reuters) - India's blue-chips Nifty 50 and Sensex opened higher and hit fresh all-time highs on Thursday, as sentiment improved after U.S. inflation data cemented the likelihood of a pause in the rate hike cycle by the Federal Reserve. The Nifty 50 (.NSEI) was up 0.29% to a new all-time high of 20,127.95 by 9:15 a.m. IST, while the S&P BSE Sensex (.BSESN) gained 0.24% to 67,627.03. The Nifty had scaled new peaks on Monday and Tuesday, while the Sensex hit a record high for the first time since July 20. ($1 = 82.9000 Indian rupees)Reporting by Bharath Rajeswaran and Archishma Iyer in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Sensex, Bharath Rajeswaran, Archishma Iyer, Janane Organizations: Bombay Stock Exchange, REUTERS, Rights, Federal Reserve, BSE, Thomson Locations: Mumbai, India, Bengaluru

☆ India's Nifty scales new peak; Sensex inches towards record high
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Sept 12 (Reuters) - Indian shares opened higher on Tuesday, with the benchmark Nifty 50 hitting a record high for the second consecutive session, ahead of retail inflation data for August. The Nifty 50 (.NSEI) index was up 0.45% at 20,079.50 by 9:16 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.44% to 67,443.08. While the Nifty hit fresh all-time high on Tuesday, the Sensex is about 0.5% shy of the record high hit on July 20. Reporting by Bharath Rajeswaran and Archishma Iyer in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Archishma Iyer, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, Thomson Locations: Mumbai, India, Bengaluru

A SpiceJet passenger aircraft taxis on the tarmac at Chhatrapati Shivaji International Airport in Mumbai, India, May 29, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsNEW DELHI, Sept 11 (Reuters) - India's SpiceJet said on Monday it would pay $1.5 million to Credit Suisse as demanded by the country's top court. If SpiceJet fails to pay, the Supreme Court will take "drastic action" at the next hearing on Sept. 22, it said. The airline had previously said the Credit Suisse debt was an old one that predated the tenure of its current management. In that case, also heard on Monday at a Delhi High Court, SpiceJet said it had deposited 625 million rupees of that amount.

Persons: Francis Mascarenhas, India's SpiceJet, SpiceJet, dally, Ajay Singh, Singh, Kalanithi Maran, Maran, Arpan Chaturvedi, Aditi Shah, Yagnoseni Das, Aditya Kalra, Himani Sarkar, Miral Fahmy, Mark Potter Organizations: REUTERS, Credit Suisse, India's, Madras, Court, Thomson Locations: Chhatrapati Shivaji, Mumbai, India, DELHI, SpiceJet

☆ Countries of the global south helped avoid Ukraine overshadowing G20 agenda - Lavrov
▼ + stars: | 2023-09-10 | by ( Katya Golubkova | ) www.reuters.com time to read: +1 min

Russian Foreign Minister Sergei Lavrov speaks at a press conference, during the G20 summit, in New Delhi, India, September 10, 2023. REUTERS/Francis Mascarenhas Acquire Licensing RightsNEW DELHI, Sept 10 (Reuters) - Russian Foreign Minister Sergei Lavrov called the G20 summit in India a success and said that due to the consolidated position of the countries of the global south, Russia managed to ensure the G20 agenda was not overshadowed by the Ukraine conflict. Russia's 2022 invasion of Ukraine has left tens of thousands dead, displaced millions and sown economic turmoil across the world. Lavrov also said the Russia was willing to return to the Black Sea grain deal as soon as its conditions are met. Lavrov said Russia values the attempts by the United Nations to facilitate grain talks but called it "west only talks".

Persons: Sergei Lavrov, Francis Mascarenhas, Lavrov, Swati Bhat, Jacqueline Wong, Kim Coghill Organizations: Russian, REUTERS, United, Thomson Locations: New Delhi, India, DELHI, Russia, Ukraine, Moscow, United Nations, Turkey

[1/3] View of deserted roads ahead of the G20 summit in New Delhi, India, September 8, 2023. Nearly 130,000 police and paramilitary security personnel have been deployed across the city, mostly in the New Delhi district, with the air force providing cover from aerial threats. "While the entire country is a host, Delhi will bear maximum responsibility" for the G20 summit, Modi said. “The tourists coming to Delhi for G20 should look at our shops, buy something. Newspaper advertisements that the Delhi Police has been publishing every day with traffic advisories and route maps for the general public, say: “India is proud to host the 18th G-20 Summit”.

Persons: Francis Mascarenhas, Joe Biden, Olaf Scholz, Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman, Japan's Fumio, Sanjeev Mehra, Narendra Modi, Modi, Yashowarthan, ”, Bhava ”, Krishn Kaushik, Joeseph Campbell, Mayank Bhardwaj, YP Rajesh, Raju Gopalakrishnan Organizations: REUTERS, India, U.S, Market Traders Association, Authorities, Delhi Police, New Delhi Municipal Corporation, Offices, YP, Thomson Locations: New Delhi, India, DELHI, Saudi, capital's, Connaught, Delhi, Taxis, Dariba Kalan

[1/3] U.S. Treasury Secretary Janet Yellen addresses the media, ahead of the G20 Summit in New Delhi, India, September 8, 2023. She will seek to build G20 support for an "equi-proportional" increase in IMF quota funds paid-in by member countries, which would increase IMF lending resources, but not immediately change its shareholding structure. At the briefing, Yellen said there was significant progress made on international debt relief efforts. "Those are crucial additional resources for reducing poverty, advancing global health security and combating climate change," Yellen said. "Even without Russia's active participation and the tensions the war has created, I still see that G20 is highly effective," Yellen said.

Persons: Janet Yellen, Francis Mascarenhas, Yellen, David Lawder, Swati Bhat, Leslie Adler, Kim Coghill Organizations: . Treasury, REUTERS, International Monetary Fund, World Bank, U.S, Congress, U.S . Treasury, Ukraine, Thomson Locations: New Delhi, India, DELHI, United States, Ukraine, U.S, Washington

A man walks past an installation on a skywalk ahead of the G20 Summit in New Delhi, India, September 6, 2023. The plans for a sweeping, multi-national ports and rail deal would come at a critical time. It also comes as the Biden administration seeks a broader diplomatic deal in the Middle East that would have Saudi Arabia recognize Israel. The negotiations over a multi-country infrastructure deal were first reported by Axios. Beyond the diplomatic implications, officials said they hope such an infrastructure deal could reduce shipping times, cost, the use of diesel and make trade faster and cheaper.

Persons: Francis Mascarenhas, Joe Biden, Narendra Modi, Saudi Crown Prince Mohammed Bin Salman, Biden, Steve Holland, Trevor Hunnicutt, Heather Timmons, Jamie Freed Organizations: REUTERS, Rights, United Arab, Indian, Saudi Crown, Washington, Axios, Thomson Locations: New Delhi, India, U.S, Saudi Arabia, South Asia, United Arab Emirates, Europe, Israel

☆ With Indian rupee near record low, cenbank steps up NDF intervention
▼ + stars: | 2023-09-07 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

"The RBI intervened on NDF in the morning (before local over-the-counter, OTC, markets opened) and it did the same yesterday," the head of treasury at a private sector bank said. The banker said the RBI has been intervening in the NDF market via the BIS (Bank of International Settlements) and a large U.S.-based bank. At times, we see (Indian) public sector bank names," the head of proprietary trading at a foreign bank said. By the time local OTC markets opened on Thursday, the contract had retreated to 83.20 and the spot opened at 83.12. Apart from NDF, the central bank has been likely supplying dollars via public sector banks in the local OTC market, traders said.

Persons: Francis Mascarenhas, Nimesh Vora, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, Reserve Bank of India, Reuters, U.S, BIS, Bank of International, New, Thomson Locations: Mumbai, India, Rights MUMBAI, U.S, Asia, New York

A man walks past an installation on a skywalk ahead of the G20 Summit in New Delhi, India, September 6, 2023. But the deliberations of the world's 20 biggest economies have been hindered by differences over Russia's invasion of Ukraine that have hardened since last year's Bali summit, delegates said. Western countries want a strong condemnation as a condition for agreeing to a Delhi declaration. India has suggested that the G20, while condemning the suffering caused by Russia's invasion, also reflect Moscow and Beijing's view that the forum is not the place for geopolitics. G20 sherpas have been going back and forth over the document for four days before leaders begin deliberations on Saturday.

Persons: Francis Mascarenhas, Joe Biden, Sergei Lavrov, Vladimir Putin, Narendra Modi, Creon Butler, Butler, Krishn Kaushik, Sanjeev Miglani, Andrew Cawthorne Organizations: REUTERS, U.S, Russian, Economy, thinktank, Thomson Locations: New Delhi, India, DELHI, Ukraine, Russia, China, Bali, Delhi, Moscow

☆ Indian shares open higher on hopes of US rate pause
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/file photo Acquire Licensing RightsBENGALURU, Sept 4 (Reuters) - Indian shares opened higher on Monday, after U.S. jobs data raised hopes of a U.S. Federal Reserve rate pause later this month and strong domestic macroeconomic data. The Nifty 50 (.NSEI) index was up 0.34% at 19,504.60 at 9:17 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.30% to 65,573.50. Reporting by Bharath Rajeswaran in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Eileen Soreng Organizations: Bombay Stock Exchange, REUTERS, Rights, U.S, Federal, BSE, Thomson Locations: Mumbai, India, Bengaluru

The Nifty 50 (.NSEI) index was up 0.4% at 19,333.85 at 11:47 a.m. IST, while the S&P BSE Sensex (.BSESN) increased 0.33% to 65,043. Foreign inflows moderated to a four-month low of 122.52 billion rupees ($1.48 billion) in August. Hindalco (HALC.NS), Tata Steel (TISC.NS) and JSW Steel (JSTL.NS) were among the top Nifty 50 gainers. The Nifty 50 and Sensex have risen marginally this week so far, including today's gains. Among individual stocks, ITD Cementation (ITCM.NS) surged 11.5% on winning a contract worth 32.90 billion rupees ($397.9 million).

Persons: Francis Mascarenhas, Ghanshyam, ITD, Bharath Rajeswaran, Manvi, Eileen Soreng, Janane Venkatraman, Sonia Cheema Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, SAMCO Mutual Fund, Tata Steel, JSW, Investors, Federal Reserve, Thomson Locations: Mumbai, India, China, Manvi Pant, Bengaluru

The company already owns digital streaming rights to the popular Indian Premier League Twenty-20 (IPL T20) tournament. Ambani snatched away the rights from the Disney Plus Hotstar streaming service in a $2.9 billion bid last year, and then streamed games for free. This prompted Disney subscribers to flee - out of 61 million users in October 2022, about 21 million had left by July this year. Last year, Disney renewed its media rights to show International Cricket Council's tournaments in India from 2024 to 2027 after winning a bid for $3 billion. It later licensed the TV broadcast rights to India's Zee Entertainment (ZEE.NS) and only regained the digital streaming rights, a source told Reuters.

Persons: Mukesh Ambani, Francis Mascarenhas, Mukesh Ambani's, Walt Disney, Viacom18, Ambani, Karan Taurani, Aditya Kalra, Nandan Mandayam, Biplob Kumar Das, Sonia Cheema Organizations: Reliance Industries, REUTERS, Walt, Control, Cricket, BCCI, Indian Premier League, Disney, Elara, Reuters, Asia Cup, ICC Cricket, India's Zee Entertainment, Thomson Locations: Mumbai, India, India's

☆ Indian shares open higher; small- and mid-caps outperform
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Aug 31 (Reuters) - Indian shares opened marginally higher on Thursday, led by information technology (IT) stocks, ahead of the gross domestic product (GDP) data for the June quarter. The Nifty 50 (.NSEI) index was up 0.10% at 19,365.80 at 9:17 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.15% to 65,184.65. Reporting by Bharath Rajeswaran in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Eileen Soreng Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, Thomson Locations: Mumbai, India, Bengaluru

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