Nifty Set For a Weak Start; IndiGo Shares to List Today

The Sensex and Nifty are set to open lower tracking weakness in other Asian markets amid fears that the US Fed will hike interest rates in December which might lead to a selloff in emerging market equities.

The Nifty futures traded on the Singapore Stock Exchange also indicated at a weak start for the Indian markets. At 8:30 a.m., the SGX Nifty was down 0.74 per cent or 58 points at 7,871.

Meanwhile, Asian shares slipped to one-month lows on Tuesday as the spectre of higher borrowing costs in the United States and slower global economic growth prompted investors to trim their exposure to riskier assets.

Over the weekend, financial markets were served a grim reminder of soft patches in the global economy in the form of disappointing Chinese trade figures. Focus now turns to consumer and wholesale price data from China later in the day.

The OECD said in a report on Monday that global trade flows have fallen dangerously close to levels usually associated with a global recession, although steps taken by China and others should ensure a pick-up in 2016.

Back home, foreign institutional investors sold shares worth Rs 861.06 crore on Monday while the domestic investors bought shares worth Rs 621.18 crore.

Promoters of India's largest private airline, IndiGo will list shares today on the bourses. The company raised Rs 3,008.5 crore at issue price of Rs 765 per share from its recently concluded, over-subscribed initial public offering (IPO).

(With agency inputs)