Nifty Seen Opening Above 16,300 As Indicated By Singapore Nifty Futures

The National Stock Exchange benchmark Nifty 50 index is set to open above 16,300 mark as indicated by the Nifty futures traded on Singapore Exchange amid mixed cues from other Asian markets. The Nifty futures on Singapore Exchange also known as SGX Nifty futures rose 39 points to 16,316.

Asian shares traded sideways on fears about the spread of the coronavirus despite a record close on Wall Street.

The dollar index rose to its highest since mid-July, gaining against the yen, while the euro neared year-to date lows against the greenback.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.08 per cent in Asian trading, with Chinese bluechips down 0.38 per cent Korea's KOSPI down 0.37 per cent.

Overnight, global stock markets strengthened on Tuesday, hovering close to record highs, while U.S. Treasury yields rose to their highest levels since mid-July, spurred by Federal Reserve tapering talk.

Sentiment was boosted by the U.S. Senate passing a $1 trillion bipartisan infrastructure bill that could provide the United States with its biggest investment in decades in roads, bridges, airports and waterways.

The Dow Jones Industrial Average rose 162.82 points, or 0.46 per cent, to 35,264.67, the S&P 500 gained 4.4 points, or 0.10 per cent, to 4,436.75 and the Nasdaq Composite dropped 72.09 points, or 0.49 per cent, to 14,788.09.

Back home, foreign institutional investors' sold shares worth Rs 178.51 crore while domestic institutional investors bought shares worth Rs 689 crore on Tuesday.

Zomato will be in focus after its loss widened to Rs 356 crore in June quarter from Rs 99.8 crore in the same quarter last year. The newly listed company's revenue from operations in the first quarter of the current fiscal stood at Rs 844 crore, compared to Rs 266 crore in the corresponding period last year, marking a three-fold increase year-on-year.

IRB Infrastructure will be on investors' radar after the company reported net profit of Rs 72 crore in une quarter against loss of Rs 30 crore during the same period last year.