Nifty Seen Opening Around 17,700; Infosys, Hero MotoCorp In Focus

By Administrator_India

Capital Sands

The Indian equity benchmarks are set to open at fresh record highs on Friday 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 84 points or 0.47 per cent to 17,689 amid mixed trading in other Asian markets. Asian shares steadied in early trading on Friday after losses earlier in the week, but China jitters and global growth concerns weighed on investors’ minds, while the dollar sat near a three-week high.

MSCI’s broadest index of Asia-Pacific shares outside Japan recovered from early losses to trade flat, but was still down 2.7 per cent on the week.

Hong Kong’s Hang Seng Index rose 0.5 per cent after posting its lowest close in 10 months the day before, as the saga around China Evergrande Group lurched towards a conclusion, unsettling investors.

Overnight, global share markets edged lower globally on Thursday as concerns about investments in China and a mixed day on Wall Street outweighed positive economic data in the United States.

The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.

The Dow Jones Industrial Average fell 63.07 points, or 0.18 per cent, the S&P 500 lost 6.95 points, or 0.16 per cent, and the Nasdaq Composite added 20.40 points, or 0.13 per cent.

Back home, foreign institutional investors bought shares worth ₹ 1,622 crore on Thursday while domestic institutional investors sold shares worth ₹ 795 crore.

Infosys, the country’s second largest information technology company, will be in focus after the US-based Frost Bank selected it as a strategic partner to launch new mortgage loan product offering.

Hero MotoCorp will be on investors’ radar after the company informed exchanges that it will increase ex-showroom prices of its motorcycles and scooters, with effect from September 20, 2021. The price hike has been necessitated to offset the impact of steadily increasing commodity prices, the world’s largest two-wheeler maker said.