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Nifty Seen Opening Above 15,650; Wipro, Tata Power In Focus

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Nifty Seen Opening Above 15,650; Wipro, Tata Power In Focus

In yesterday’s session foreign institutional investors bought shares worth Rs 921 crore.

The Indian equity benchmarks are set to open higher as indicated by the Nifty futures on Singapore Exchange. Singapore Nifty futures also known as SGX Nifty rose 63 points to 15,693, indicating that Nifty will open above its important psychological level of 15,600. Meanwhile, Asian shares were a touch below a recent three-month top on Thursday with China a tad weaker as investors weighed inflation concerns ahead of key U.S. economic data while oil prices rose to near 1-1/2 year highs.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent to 711 points. It went as high as 712.57 on Wednesday, a level not seen since early March.

Overnight, Wall Street’s main indexes posted slim gains on Wednesday ahead of key U.S. economic data due later in the week as investors weighed inflation concerns and a fresh surge in so-called “meme stocks.”

The S&P 500 energy sector, the best-performing group this year, extended its rise, gaining 1.7 per cent as oil prices pushed higher. The materials sector fell 0.9 per cent while a 3.0 per cent fall in Tesla Inc shares dragged on the S&P 500 and the Nasdaq Composite.

Back home, in yesterday’s session foreign institutional investors bought shares worth Rs 921 crore while domestic institutional investors bought shares worth Rs 242 crore.

Wipro will be in focus after it sold its entire 33.33 per cent stake in Denim Group for a consideration of $22.42 million (about Rs 160 crore). Wipro also partnered with Finastra to help corporate banks across Asia-Pacific accelerate their digital transformation.

Panacea Biotec reported consolidated loss at Rs 54.14 crore in the March quarter as against Rs 68.39 crore in the same quarter last year. Revenues rose from Rs 125.36 crore to to Rs 168.27 crore during the period under consideration.

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