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Nifty Seen Opening Above 15,800; IRCTC, Reliance Industries In Focus

Nifty Seen Opening Above 15,800; IRCTC, Reliance Industries In Focus

By Administrator_India

Capital Sands

The Indian equity benchmarks are set to open higher as indicated by Nifty futures traded on Singapore Exchange amid positive cues from other Asian markets. Nifty futures on Singapore Exchange also known as SGX Nifty futures rose 41 points to 15,828 indicating that Nifty would open above its important psychological level of 15,800.

Asian shares rose and a gauge of global equities hovered near record highs on Wednesday after rising consumer confidence in economic recovery boosted the Nasdaq index to its highest-ever closing level.

MSCI’s global share index was set for a fifth straight month of gains on Wednesday. Its index tracking Asian shares outside Japan was set for a small monthly loss, but still on course for a fifth straight quarterly rise, its longest such streak since 2006-2007.

Back home, foreign institutional investors bought shares worth ₹ 117 crore while domestic institutional investors bought shares worth ₹ 1,810 crore on Tuesday, data from NSE showed.

Reliance Industries will be in focus after it signed a pact with Abu Dhabi National Oil Company to jointly build a petrochemical facility in Ruwais, Abu Dhabi. The facility will manufacture chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC).

Indian Railway Catering and Tourism Corporation (IRCTC) will be in focus after it reported 23 per cent decline in net profit to ₹ 103.78 crore for the March 2021 quarter, compared to ₹ 135.14 crore a year ago. Total revenues dropped to ₹ 358.25 crore in the January-March quarter as against ₹ 595.70 crore in the year-ago period.

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