Nifty Seen Opening Below 17,500; Wipro, Lupin In Focus

Market Live Updates: Nifty is seen opening opening lower with cut of over 100 points.

The Indian equity benchmarks are set to open sharply lower as indicated by the Nifty futures traded on the Singapore Exchange. Nifty futures on Singapore Exchange also known as the SGX Nifty futures fell 0.9 per cent or 161 points to 17,441 indicating that Nifty may open below its important psychological level of 17,500 amid weak cues from other Asian markets. Asian shares slid and the dollar held firm on Monday ahead of a week packed with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.

Holidays in Japan, China and South Korea made for thin conditions, and politics added extra uncertainty with elections in Canada and Germany bookending the week.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid another 1.4 per cent, after shedding 2.5 per cent last week, with Australia down 1.5 per cent.

Japan’s Nikkei was shut, but futures were 400 points below the Friday cash close. The market could do with consolidating after surging to 30-year highs on hopes a new Prime Minister will bring more stimulus and policy change.

On Friday, global markets fell after a week of mixed economic data and fears over the stability of growth and Asian markets put the focus on the US Federal Reserve’s timeline for tapering asset purchases.

US stocks ended sharply lower in a broad sell-off on Friday. All three major US stock indexes lost ground, with the Nasdaq Composite Index weighed down as rising US Treasury yields pressured market-leading growth stocks.

MSCI’s gauge of stocks across the globe shed 0.71 per cent, while the pan-European STOXX 600 index closed down 0.9 per cent for a third-straight week of losses. So far this month, the STOXX is down about 2 per cent.

Back home, foreign institutional investors bought shares worth Rs 1,553 crore on Friday while domestic institutional investors sold shares worth Rs 1,398.55 crore.

Wirpo will be in focus after the company informed exchanges about the launch of the Wipro-Google Cloud Innovation Arena in Bangalore.

Drug maker Lupin will be on investors’ radar after the company said that US drug regulator US FDA concluded inspection at its Goa facility between September 6-18, 2021 and closed with seven observations.

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