Nifty Seen Opening Above 18,150; IRCTC, Bharti Airtel In Focus


Nifty Seen Opening Above 18,150; IRCTC, Bharti Airtel In Focus

The Indian equity benchmarks are set to stage a gap up opening as indicated by the Nifty Futures traded on Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures rose 55 points or 0.3 per cent to 18,194 amid positive cues from other Asian markets. Japan’s Nikkei rose 0.22 per cent, Hong Kong’s Hang Seng advanced 0.87 per cent, Taiwan Weighted advanced 0.3 per cent and Shanghai Composite rose 0.3 per cent.

Overnight, the dollar climbed to a 16-month high on Monday while US stocks dipped slightly as investors searched for a clearer economic picture.

Persistent concerns that inflation may be rising more sharply and sticking around longer than originally expected weighed on Wall Street, with pessimism weighing on stocks and oil and pushing safe havens like the U.S. dollar upwards.

The Dow Jones Industrial Average fell 0.04 per cent, the S&P 500 ended flat, and the Nasdaq Composite dropped 0.04 per cent.

The MSCI world equity index, which tracks shares in 45 nations, rose 0.08 per cent.

Investors likely will be closely watching fresh data on U.S. retail sales out on Tuesday, after a report out Friday showed consumer sentiment hitting its lowest point in a decade, due in part to inflation.

Back home, foreign institutional investors bought shares worth Rs 425 crore on Monday and domestic institutional investors bought shares worth Rs 1,525 crore.

Indian Railway Catering and Tourism Corporation (IRCTC) will be in focus after the company tied up with the Sattvik Council of India to get certified in the process of cooking, transportation and storage of vegetarian food specially on board trains to religious sites with the Railways’ catering arm is inviting a third party audit of its base kitchens where such food is cooked to ensure a vegetarian environment.

Bharti Airtel will be on investors’ radar after the telecom major partnered with US-based Mavenir for open radio access network (Open RAN)-based fifth generation or 5G field trials in the mmWave and mid-band at Chandigarh tri-city.