The Indian equity benchmarks are set to open on a flat note with the Nifty 50 index seen opening above 17,900 on Monday as indicated by the Nifty futures traded on Singapore Exchange. The Nifty futures on Singapore Exchange also known as the SGX Nifty futures fell 7 points to 17,913. Asian shares rallied on Monday courtesy of gains in China which also helped US stock futures pare early losses, while rising Treasury yields lifted the dollar to a near-three-year peak against the Japanese yen.
Nasdaq futures and S&P 500 futures were both down around 0.1 per cent, but well above early lows. EUROSTOXX 50 futures dipped 0.1 per cent and FTSE futures held steady.
Oil prices extended their bull run, with gains across the energy complex stoking inflation concerns.
Global equity markets wavered on Friday on a weak US labor market report, and Treasury yields rose as investors still expect the Federal Reserve to begin tapering its massive bond purchases as early as next month.
The Dow Jones Industrial Average slipped 0.03 per cent, the S&P 500 slid 0.19 per cent and the Nasdaq Composite fell 0.51 per cent, pulled lower after Wells Fargo cut its price target on Comcast Corp, which tumbled 4.7 per cent.
Back home, foreign institutional investors sold share worth Rs 64 crore on Friday and domestic institutional investors sold shares worth Rs 168 crore.
Reliance Industries will be in focus after the country’s most valuable company on Sunday announced two deals to buy solar capacities. Through its unit Reliance New Energy Solar Ltd (RNESL), Reliance is buying Norwegian-headquartered solar panel maker REC Solar Holdings for $771 million from China National Bluestar (Group) Co Ltd and an up to 40 per cent stake in Sterling and Wilson Solar.
Tata Consultancy Services will be on investors’ radar after the company posted better than expected September quarter earnings post market hours on Friday. TCS’ net profit rose 29 per cent to Rs 9,624 crore in the second quarter of current financial year from Rs 7,475 crore a year earlier. Analysts on average had expected a profit of Rs 9,601 crore, according to Refinitiv data.
Aditya Birla Sun Life AMC will be in focus as the company will make its market debut at 10:00 am, today. The IPO was subscribed 5.25 times.