Nifty Seen Opening Lower; ITC, Axis Bank Among Stocks In Focus

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Foreign institutional investors sold shares worth Rs 2,368.66 crore on Tuesday.

The Indian equity benchmarks are set to open lower as indicated by the Nifty Futures traded on the Singapore Exchange. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures fell 0.25 per cent or 46 points to 18,287 amid weak cues from other Asian markets. Japan’s Nikkei fell 0.55 per cent, Hong Kong’s Hang Seng index declined 1.46 per cent, South Korea’s KOSPI was down 0.76 per cent and Shanghai Composite index declined 0.7 per cent.

Overnight, equity markets gained globally on Tuesday as upbeat corporate earnings buoyed investor appetite for riskier investments, while gold prices fell nearly 1 per cent.

The three major US stock indexes closed modestly higher on Tuesday, with the Dow Industrials and S&P 500 hitting fresh records driven mostly by technology and healthcare shares.

On Wall Street, Facebook Inc was the biggest drag on the S&P 500 and Nasdaq, after the company warned that Apple Inc’s new privacy changes would weigh on its digital business.

The Dow Jones Industrial Average rose 0.04 per cent to 35,756.88; the S&P 500 gained 0.18 per cent at 4,574.79; and the Nasdaq Composite added 0.06 per cent at 15,235.72.

Back home, foreign institutional investors sold shares worth Rs 2,368.66 crore on Tuesday while domestic institutional investors bought shares worth Rs 1,385 crore.

Axis Bank will be in focus after the private sector lender reported its highest-ever quarterly profit at Rs 3,133 crore on a standalone basis, compared to Rs 1,682.67 crore in the corresponding period last year, marking a growth of 86 per cent year-on-year.

ITC, Bajaj Auto, Larsen & Toubro, Aarti Drugs, SBI Life, Adani Ports, Adani Enterprises, Lupin and Maruti Suzuki will be on investors’ radar as they will report their September quarter earnings later in the day.

Author: desi123 is an online news portal that aims to provide the latest trendy news for Asians living in Asia and around the World.

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