Nifty Seen Opening Below 17,550; Mphasis, Torrent Power In Focus

By Administrator_India

Capital Sands

The Indian equity benchmarks are set to open lower as indicated by the Nifty futures traded on the Singapore Exchange. Nifty futures on Singapore Exchange also known as the SGX Nifty futures fell 0.2 per cent or 33 points to 17,529. Meanwhile, Stocks found support and U.S. futures lifted in relief on Wednesday after teetering developer China Evergrande said it would pay some bond interest due on Thursday, allaying fears of an imminent and messy collapse that had spooked investors. Markets in Taiwan and China reopened lower after a two-day break, catching up with a sharp sell-off around the world triggered by concern over Evergrande’s predicament, but were soon paring losses as the payment promise buoyed the mood.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3 per cent lower mid-morning. Japan’s Nikkei fell 0.6 per cent, while Australian shares rose 0.7 per cent. Hong Kong markets were closed for a holiday.

Overnight, world stock markets stabilized on Tuesday and oil prices regained ground a day after heavy selling of risk assets, as investors assessed the level of contagion stemming from distress at developer China Evergrande and awaited central bank meetings.

On Wall Street, the Dow Jones Industrial Average fell 50.63 points, or 0.15 per cent, to 33,919.84, the S&P 500 lost 3.54 points, or 0.08 per cent, to 4,354.19 and the Nasdaq Composite added 32.50 points, or 0.22 per cent, to 14,746.40.

Back home, foreign institutional investors bought shares worth ₹ 1,042 crore on Tuesday in Indian markets while domestic institutional investors bought shares worth ₹ 2,168 crore.

Torrent Power will be in focus after the company said that it has acquired 100 per cent stake in Surya Vidyut Limited for an enterprise value of ₹ 790 crore.

Mphasis will be on investors’ radar after the company said that it has acquired Blink Interactive, a US based (Seattle) corporation which provides design consultancy services around user experience (UX), user research based software product design and strategy, and Customer experience (CX) design for marquee brands.