Indian shares outlook - seen opening higher on upbeat US finish |
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Wed, 28 Nov 2007 05:04
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MUMBAI (Thomson Financial) - Indian shares are likely to open higher after Wall Street's overnight advance as positive news from ailing US banking giant Citigroup rekindled confidence in stocks.The Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, said it will invest 7.5 bln usd in Citi in a vote of confidence for the largest US lender, which has suffered severe losses amid the ongoing crisis in the mortgage market.However, a mixed trend across Asian markets may weigh on sentiment. Key Asian markets saw nervy trade after US consumer confidence dropped to 87.3 for November, its lowest point since Hurricane Katrina in 2005. Yesterday, the Sensex, India's share market barometer, had snapped a two-day winning streak to end lower after credit worries resurfaced on Wall Street.On the BSE, shares of North India-based DLF Ltd will be in focus after the company said it has agreed to pick up a controlling stake in hospitality and lifestyle business, Aman Resorts Group, for 400 mln usd. Aman Resorts, currently owns and operates 22 luxury hotels, many with residences, in 12 countries.Shares of India's second-largest lender ICICI Bank will also be tracked after its American Depository Receipts rose 7 pct to close at 58.89 usd.TFN.newsdesk@thomson.comssh/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Indian shares take momentum from Europe's strong start but p-note anxiety weighs 