Nifty Seen Open above 17,900; Reliance Industries, D-Mart In Focus
The national stock exchange benchmark – the Nifty 50 index is expected to make a dent, as indicated by the Nifty futures contracts traded on the Singapore Stock Exchange. Singapore Stock Exchange Nifty Futures, also known as SGX Nifty Futures, rose 72 points or 0.4% to 17,929, hinting Nifty may open above its significant level of 17,900. During Friday’s session, Indian stock indices resumed their rally after a day’s break in the previous session, thanks to gains from Reliance Industries, ICICI Bank, HDFC Bank, Tata Consultancy Services, Asian Paints, Hindustan Unilever and Kotak Mahindra Bank.
Meanwhile, other Asian markets were muted on Monday as investors count back to another reading on US inflation that may well seal an anticipated Federal Reserve rate hike, boosting bond yields and punishing technological actions. The explosion in coronavirus cases around the world also threatens to dampen consumer spending and growth just as the Fed considers turning off liquidity taps, difficult timing for markets addicted to endless cheap money. .
The largest MSCI index for Asia-Pacific stocks outside of Japan was almost flat, while South Korea lost 0.7%. The Japanese Nikkei has remained stable for now, after falling 1.0% last week, Reuters news agency reported.
Returning home, the country’s most valuable company – Reliance Industries – will be the center of attention after informing the exchange that its subsidiary Reliance Industrial Investments and Holdings Limited has reached an agreement to acquire all of the issued share capital. Columbus Center Corporation (Cayman), a company incorporated in the Cayman Islands and indirect owner of a 73.37 percent interest in Mandarin Oriental New York, one of New York City’s upscale luxury hotels, for $ 98.15 million.
Avenue Supermarts, promoter of departmental chain store operator D-Mart, will be on investor radar after its profit rose 23.62 percent to Rs 552.53 crore in the third quarter of the fiscal year in Classes.