Nifty Seen Open below 17,500; Wipro, Lupine In Focus

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Live Market Updates: Nifty is seen opening lower with a cut of over 100 points.

Indian equity benchmarks are expected to open sharply lower, as indicated by the Nifty futures contracts traded on the Singapore Stock Exchange. Singapore Stock Exchange Nifty Futures, also known as SGX Nifty Futures, fell 0.9% or 161 points to 17,441, indicating Nifty may open below its psychological level important of 17,500 amid weak indices of other Asian markets. Asian stocks fell and the dollar held on Monday ahead of a week filled with no less than a dozen central bank meetings, underlined by the Federal Reserve which is expected to take another step towards reduction.

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The holidays in Japan, China and South Korea created lean conditions, and politics added further uncertainty with elections in Canada and Germany ending the week.

The MSCI’s largest Asia-Pacific stock index outside of Japan fell another 1.4%, after losing 2.5% last week, with Australia losing 1.5%.

Japan’s Nikkei was closed, but futures were 400 points lower on Friday’s liquidity close. The market would need to consolidate after hitting 30-year highs in hopes that a new prime minister will bring more stimulus and policy change.

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Global markets fell on Friday after a week of mixed economic data and fears about stable growth, and Asian markets emphasized the US Federal Reserve’s timetable for reducing asset purchases.

US stocks ended sharply lower in a broad selloff on Friday. All three major US stock indexes lost ground, with the Nasdaq Composite Index rising as rising US Treasury yields put pressure on market-leading growth stocks.

MSCI’s stock gauge across the world fell 0.71%, while the pan-European STOXX 600 index closed 0.9% lower for a third consecutive week of losses. So far this month, the STOXX is down about 2%.

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Returning home, foreign institutional investors bought shares worth Rs 1,553 crore on Friday, while domestic institutional investors sold shares worth Rs 1,398.55 crore.

Wirpo will be in the spotlight after the company briefed the discussions on the launch of the Wipro-Google Cloud Innovation Arena in Bangalore.

Drugmaker Lupine will be on investor radar after the company said the U.S. drug regulator, the FDA, completed the inspection of its Goa plant between September 6 and September 18, 2021 and closed with seven observations.

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