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INDIA STOCKS-Indian shares seen opening lower ahead of RBI policy outcome

BENGALURU, Sept 30 (Reuters) - Indian shares are tipped to open slightly lower on Friday, ahead of an expected interest rate hike by the country’s central bank to fight inflation amid lingering fears of a global recession.

India’s NSE stock futures listed on the Singapore exchange were down 0.5% as of 0220 GMT, while MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.6%.

The NSE Nifty 50 index fell 0.24% to 16,818.10 on Thursday, while the S&P BSE Sensex dropped 0.33% to 56,409.96.

Both indexes are on a seven-session losing streak, their worst such performance since mid-February.

A majority of market participants are expecting the Reserve Bank of India to raise its key interest rate by 50 basis points for a third consecutive time.

Foreign institutional investors sold a net 35.99 billion Indian rupees ($441.7 million) worth of equities on Thursday, while domestic investors purchased net 31.62 billion rupees worth, as per provisional data available with the National Stock Exchange.

Stocks to watch:

** Adani Enterprises, the flagship company of Indian coal-to-edible-oils conglomerate Adani Group, will make its debut on the benchmark Nifty 50 index on Friday, replacing Shree Cement.

** India’s top refiner Indian Oil Corp has set up a subsidiary to pool the funds of its overseas units in order to meet capital and trade finance needs, it said in a statement on Thursday.

** Shree Ajit Pulp And Paper deferred the consideration of issuance of shares on rights basis.

** Arvind Smartspaces will consolidate partnership interest in Ahmedabad East Infrastructure.

** Adani Ports incorporated a unit named Adani Aviation Fuels.

** Himalaya Food International said the company will be debt free in the year ending March 2023.

** Railtel Corp of India approved a scheme of amalgamation of Railtel Enterprises with company.

** Indian bikemaker Hero MotoCorp said on Thursday it will invest $60 million in California-based Zero Motorcycles to jointly develop electric motorcycles.

** FTSE Russell, a global index provider, said it retained India on the watch list for potential inclusion in the FTSE Emerging Markets Government Bond index.

** Goa Carbon approved fund raising up to 2 billion rupees.

** Rail Vikas Nigam said the company was awarded a letter of acceptance by National Highways Authority of India.

** Life Insurance Corp of India raised its stake in Deepak Nitrite.

** India will require all passenger cars to have a minimum of six airbags from Oct. 1, 2023, a year later than originally planned.

** Lupin said it got U.S. FDA nod for mirabegron extended-release tablets. ($1 = 81.4730 Indian rupees) (Reporting by Nallur Sethuraman in Bengaluru)

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