Indian stocks look steady even as Asia open mixed
By Vinu Lal
02:50, 1 December 2021
Indian stock indices are heading for a bright start on Wednesday even as several other Asian peers opened on a flat-to-mixed note over the new Covid variant fears.
SGX Nifty futures, which represent Indian stocks, opened strong on the Singapore Stock Exchange and were trading up 0.45%, an hour before the Indian markets opened.
Wall Street indices closed lower on Tuesday after Federal Reserve chair Jerome Powell indicated that the US central bank would consider speeding up its withdrawal of bond purchases as inflation risks rise. Dow Jones fell 1.86%, S&P500 lost 1.90% and the Nasdaq Composite dropped 1.55%.
A note from HDFC Securities Retail Research said Indian markets could open mildly higher in line with positive Asian markets today and despite sharply negative US markets on Tuesday.
Uncertainty on the new virus variants, normalising global growth and domestic inequalities are likely to remain headwinds for sustained growth momentum, said a Yes Bank economic research note on macroeconomic outlook.
Key things to note before trade
- Auto stocks in play as companies expected to release sales numbers for November
- Infosys to transfer Daimler’s high-performance computing (HPC) workloads used to design vehicles and automated driving technologies to one of Europe’s greenest data centres, Lefdal Mine Datacenter in Norway
- Zomato has announced the launch of Zomato Wings, a platform to connect investors with restaurants, to help them raise funds
- NTPC said 250 megawatt Unit-4 of its Nabinagar power plant will begin commercial production from Wednesday
Read More: US Fed chair grilled on inflation outlook
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