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Nifty Seen Opening Marginally Lower; Canara Bank, Force Motors In Focus

The Indian equity benchmarks are set to open marginally lower as indicated by the Nifty Futures traded on the Singapore Exchange amid weak cues from other Asian markets. Nifty futures on Singapore Exchange also known as the SGX Nifty futures slipped 30 points or 0.17 per cent to 17,789. Asian shares dropped on Wednesday, reversing early gains, after an overnight rebound in US and European stocks as investors shrugged off worries about a potential US government debt default, while oil paused near new multi-year highs. The gains in oil are driven by concerns about energy supply, and come two days after the OPEC+ group of producers stuck to its planned output increase rather than raising it further.

US crude rose to its highest level since 2014 on Wednesday but pared gains and was last off 0.09 per cent to $78.87 a barrel. Brent crude lost 0.08 per cent to $82.49 per barrel, having hit a three-year high in the previous session.

In equity markets, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6 per cent, reversing early gains, while Japan’s Nikkei lost 0.78 per cent.

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

On Wall Street, the Dow Jones Industrial Average rose 0.92 per cent, the S&P 500 gained 1.05 per cent and the Nasdaq Composite added 1.25 per cent.

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

Canara Bank will be in focus after the bank reduced its overnight and one month marginal cost of lending rate (MCLR) to 6.55 per cent from 6.70 per cent.

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

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