The Indian equity benchmarks are set to open lower on Wednesday after posting best single day returns in four months as indicated by the Nifty futures traded on the Singapore Exchange. Singapore Nifty futures also known as the SGX Nifty was down 0.3 per cent or 40 points at 14,516. Meanwhile, Asian shares climbed to a record high on Wednesday as U.S. Treasury Secretary nominee Janet Yellen advocated for a hefty fiscal relief package to help the world’s largest economy ride out a pandemic-driven slump.
Global equity benchmarks jumped and safe-haven currencies such as the U.S. dollar dipped on Tuesday as Janet Yellen used a confirmation hearing on her appointment as Treasury secretary to bolster the case for additional fiscal stimulus.
The move would aim to mend the economic damage inflicted by the coronavirus pandemic on the world’s largest economy.
Back home, Angel Broking in a note to its clients said, “14,450 and 14,320 would now be seen as immediate supports whereas 14,600-14,620 would be the immediate range to watch on the Nifty 50 index. Traders are advised to focus on stock specific moves and look for themes which are providing good opportunities during the day.”
Bajaj Finance and Bajaj Finserv will be in focus as they will report their December quarter earnings later in the day.
Tata Metaliks Ltd’s net profit rose to Rs 75.18 crore for the third quarter ended December 2020, a jump of 55 per cent over the corresponding quarter of last year, the company said on Tuesday.
Indigo Paint’s initial public offering will open today. The company had raised Rs 348 crore from anchor investors ahead of the IPO.