Sensex, Nifty Likely To Have A Firm Opening
The domestic stock markets are likely to open firm, going by early indications from SGX Nifty trading. Trends on SGX Nifty indicate a flat to positive opening for the markets back home. At 8:00 am, the Nifty futures were trading at 18,048, higher by 44 points or 0.37 per cent, on the Singapore Stock Exchange.
Asian indices were mixed in early trading; Straits Times and Kospi gained 1 per cent each, while Taiwan Weighted and Shanghai Composite was trading flat.
US stocks finished lower on Tuesday night as investors grew more jittery in the run-up to third-quarter earnings, while a jump in Tesla shares helped support the market.
The Dow Jones Industrial Average fell 0.34 per cent, the S&P 500 lost 0.24 per cent and the Nasdaq Composite dropped 0.14 per cent.
On the economy front, the International Monetary Fund (IMF) retained India's growth projection at 9.5 per cent for 2021. The IMF downgraded the global economic projection to 5.9 per cent from six per cent in its latest WEO update ahead of its annual meeting and the World Bank.
Retail inflation fell sharply to 4.35 per cent in September 2021 from 5.30 per cent in August 2021 mainly due to a major slide in food prices. The food prices slid below one per cent to settle at 0.68 per cent in September, a free fall from 3.11 per cent levels seen in August 2021.
On the earnings front, Infosys, Wipro, Mindtree, Advik Laboratories and Aditya Birla Money will declare their Q2 earnings during the day.
The benchmark indices had ended at record closing highs on Tuesday. The BSE Sensex rose 148.53 points to 60,284.31 and the NSE Nifty hit the 18,000-mark for the first time on Tuesday, climbing 46 points to close at 17,992.