Nifty Seen Opening Above 17,400; Shree Cements In Focus

Indian equity benchmarks are set to open higher as indicated by the Nifty futures traded on the Singapore Exchange. The Nifty futures on Singapore Exchange also known as the SGX Nifty futures rose 33 points to 17,424. Meanwhile, Asian shares fell on Wednesday as weak Chinese economic data reinforced worries about slowing growth globally as well as in the world’s second-biggest economy amid fraught nerves over a still-dominant pandemic and tapering of central banks’ stimulus.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.82 per cent, extending earlier losses after the release of the Chinese data, while Tokyo’s Nikkei shed 0.89 per cent, moving off a more than 31-year closing-high the day before.

Overnight, global equity markets and U.S. bond yields fell on Tuesday after data showed inflation cooling in the Unites States, raising fresh questions on when the U.S. central bank will begin tapering its asset purchases.

MSCI’s world stocks benchmark fell 0.33 per cent, and all 11 major sectors in the S&P 500 ended the session lower, with energy and financials falling the most.

The Dow Jones Industrial Average fell 292.06 points, or 0.84 per cent, the S&P 500 lost 25.68 points, or 0.57 per cent, and the Nasdaq Composite dropped 67.82 points, or 0.45 per cent.

Back home, foreign institutional investors bought shares worth Rs 1,649.6 crore on Tuesday while domestic institutional investors sold shares worth Rs 310 crore.

Shree Cements will be in focus after its board approved setting up of an Integrated Cement Plant at Village Gothra in Nawalgarh Tehsil of Rajasthan and Solar Power Plants at various locations to meet the captive requirement of the Cement Plants of the company.


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