Nifty Opening Open Lower; Canara Bank, Force Motors Focus

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Nifty Opening Open Lower;  Canara Bank, Force Motors Focus

Indian equity benchmarks are expected to open somewhat lower, as indicated by Nifty Futures, which trades on the Singapore Exchange, among other weak Asian markets. The Nifty futures on the Singapore Exchange, also known as the SGX Nifty Futures, fell 30 points, or 0.17 per cent, to 17,789. Asian stocks fell on Wednesday, reversing early gains, as US and European stocks rebounded overnight, leaving investors worried about US government debt repayment, while oil was nearing a new multi-year high. Oil gains are driven by concerns about energy supply, and the OPEC + Producers Group comes two days after it was caught up in its planned production increase rather than further boosting production.

U.S. crude rose to its highest level since Wednesday 2014, but was profitable and last traded 0.09 percent at $ 78.87 a barrel. Brent crude was down 0.08 percent at $ 82.49 a barrel, hitting a three-year high in the previous session.

In equity markets, MSCI’s broader Asia-Pacific stock index outside Japan fell 0.6 percent, reversing early gains, while Japan’s Nikkei lost 0.78 percent.

Overnight, global equity markets rallied on Tuesday as US and European technology stocks rebounded and the dollar strengthened ahead of Friday’s US dollar data, which could reveal the Federal Reserve’s next move to shift its support to the economy.

On Wall Street, the Dow Jones Industrial Average rose 0.92 percent, the S&P 500 1.05 percent and the Nasdaq Joint 1.25 percent.

Domestic investors sold shares worth Rs 1,915 crore on Tuesday, while domestic institutional investors bought shares worth Rs 1,868 crore.

Canara Bank will focus after the bank cuts its overnight and one-month margin on loan ratio (MCLR) from 6.70 per cent to 6.55 per cent.

Force Motors will be on investors’ radar after the company said it sold 1,968 units in September while exporting 272 units.

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