Sensex, Nifty soar to fresh lifetime highs; power, IT stocks spurt

Nifty Seen Opening Marginally Higher; Maruti Suzuki, IndiGo In Focus

By Administrator_India

Capital Sands

The Indian equity benchmarks are set to open higher as indicated by the Nifty futures on Singapore Exchange amid subdued cues from other Asian markets. Nifty futures on Singapore Exchange also known as the SGX Nifty futures advanced 42 points to 15,783. Meanwhile, Asian shares stayed stuck at seven-month lows on Wednesday, as markets continued to digest a storm in Chinese equity markets, while the dollar rested with traders reluctant to place large bets ahead of the outcome of the Federal Reserve meeting.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.35 per cent in early trading, having fallen in each of the three previous sessions as regulatory crackdowns in China roiled stocks in the technology, property and education sectors, leaving international investors bruised.

Japan’s Nikkei slid 1.01 per cent, Chinese bluechips dropped 1.51 per cent, and Australian shares fell 0.43 per cent. Hong Kong bucked the trend, rising 0.63 per cent, after closing at its lowest level since November the day before.

Overnight, US stocks fell from record highs on Tuesday while real U.S. bond yields hit all-time lows, as a sell-off in Chinese shares, economic growth concerns and the Federal Reserve’s policy meeting put investors on guard and drove profit taking.

The Dow Jones Industrial Average ended down 0.2 per cent at 35,059 points, and the S&P 500 shed 0.5 per cent to end at 4,401 points.

Back home, foreign institutional investors (FIIs) sold shares worth ₹ 1,459 crore while domestic institutional investors bought shares worth ₹ 730 crore.

Shares of InterGlobe Aviation, operator of IndiGo airline, will be in focus after it reported its sixth consecutive quarterly loss mainly due to flight restrictions induced by the second wave of the Coronavirus pandemic across the country. Its June quarter net loss stood at ₹ 3,174.2 crore.

Maruti Suzuki will be in focus as it will report its June quarter earnings later in the day.

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