Nifty Seen Opening Higher; IRCTC, Tata Motors, Tata Steel, SAIL In Focus


Nifty Seen Opening Higher; IRCTC, Tata Motors, Tata Steel, SAIL In Focus

The Indian equity benchmarks are set to open higher as indicated by the Nifty Futures traded on the Singapore Exchange. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures rose 30 points or 0.17 per cent to 17,780 amid positive cues from global markets. Asian markets edged higher on Monday, led by a post-election jump in Japan’s Nikkei, though bonds wobbled and the dollar firmed as traders braced for central bank meetings in Britain, Australia and the United States to define the rates policy outlook.

Japan’s Nikkei rose 2.3 per cent to a one-month high after Prime Minister Fumio Kishida’s Liberal Democratic Party did better than expected at Sunday’s election, with exit polls showing the party easily retaining a majority.

Trade elsewhere was more muted, with MSCI’s index of Asia-Pacific shares outside Japan up marginally. Weekend data showing a sharper-than-expected contraction of Chinese factory activity weighed on the mood.

Back home, foreign institutional investors (FIIs) sold shares worth Rs 5,143 crore on Friday while domestic institutional investors bought shares worth Rs 4,343 crore. In the month of October FIIs sold shares worth Rs 13,549.67 crore.

Tata Motors, IRCTC and Aditya Birla Capital are among the prominent companies that will declare their September quarter earnings later in the day.

Reliance Industries will be in focus after the company in partnership with Google launched JioPhone Next. The phone will be available from Diwali with starting price of Rs 1,999.

Tata Steel will be in focus after the National Company Law Tribunal, Mumbai bench approved scheme of amalgamation of Bamnipal Steel Limited (formerly known as Bhushan Steel Limited) into and with Tata Steel.

Steel Authority of India (SAIL) will be in focus after its standalone net profit jumped 11 times to Rs 4,304 crore in September quarter compared with Rs 393 crore during the same period last year.