Nifty Seen Opening below 17,550; Mphasis, the power of the torrent in brief

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Indian equity benchmarks are expected to open 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 0.2% or 33 points to 17,529. Meanwhile, stocks found support and contracts U.S. futures rose on Wednesday after faltering developer China Evergrande said it would pay bond interest due Thursday, allaying fears of an impending and disorderly collapse that had frightened investors. Markets in Taiwan and China reopened lower after a two-day hiatus, catching up with a sharp drop globally triggered by concerns over Evergrande’s predicament, but quickly cut losses as the promise to pay boosted the mood.

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The largest MSCI index for Asia-Pacific stocks outside of Japan was 0.3% lower by mid-morning. Japan’s Nikkei fell 0.6%, while Australian stocks rose 0.7%. Hong Kong markets have been closed for a holiday.

Overnight, global stock markets stabilized on Tuesday and oil prices regained ground a day after strong sales of risky assets, as investors assessed the level of contagion resulting from developer China distress. Evergrande and were awaiting the central bank meetings.

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

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

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Torrent Power will be the center of attention after the company announced that it had acquired 100% stake in Surya Vidyut Limited for an enterprise value of Rs 790 crore.

Mphasis will be on investor radar after the company announces it has acquired Blink Interactive, a United States (Seattle) -based company that provides design consulting services around user experience (UX), design and of the software product strategy based on user research and customer experience (CX) design for renowned brands.

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