Indian benchmark indices heading for a cautious opening
By Vinu Lal
02:55, 2 December 2021
Indian stock markets are poised for a cautious opening on Thursday as SGX Nifty futures recovered partially from opening losses in the morning as trading progresses in the Singapore Stock Exchange. The index representing Indian stocks was trading 0.20% down an hour before the Indian markets opened.
Asian investors show concerns over the new virus variant threatening economic recovery, as reflected in morning trade across the region.
“Indian markets could open mildly lower in line with mixed Asian markets today and sharply negative US markets on Wednesday,” said a note from HDFC Securities Retail Research.
Global equities, led by Wall Street, reacted sharply on Wednesday over the new coronavirus variant Omicron with the first case reporting in the United States, while investors also took note of the Federal Reserve’s comments on inflation. Dow lost 1.3%, S&P 500 1.9% and Nasdaq 1.8%.
“ Looking at the data, we expect Nifty to head towards 17250-17300 on the weekly expiry day. However, from a positional perspective, the index needs to close above 17300 for broader market participation,” said Ruchit Jain, trading strategist at 5paisa.com.
Key things to note before trade
- Coal India production numbers rose by 4% in November
- Hero Motocorp reported a 41% drop in November sales
- Tata Power arm to build a solar and battery storage project worth INR9.45bn for Solar Energy Corporation of India
- Mahindra & Mahindra reported a 6% decline in total sales in November