Nifty Seen Opening Above 16,650; HDFC Bank In Focus

The Indian equity benchmarks are set to open higher as indicated by the Nifty futures on Singapore Exchange.

Nifty Seen Opening Above 16,650; HDFC Bank In Focus

The Indian equity benchmarks are set to open higher as indicated by the Nifty futures on Singapore Exchange. Nifty futures on Singapore Exchange also known as SGX Nifty futures rose 50 points to 16,653 amid weak cues from other Asian markets. Asian shares held near year-to-date lows on Wednesday as overnight declines on Wall Street reinforced worries about the economic impact of the Delta coronavirus variant sweeping through the region.

The dollar stayed strong against most peers, while New Zealand's central bank held off on a widely expected decision to raise interest rates after the discovery of a Delta variant case sent the country into lockdown.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.19 per cent, having fallen for the past five sessions, and traded just above year-to-date lows touched in July.

Chinese blue chips rose 0.21 per cent and Japan's Nikkei rose 0.35 per cent. Taiwan stocks fell 1.09 per cent.

Overnight, major stock indexes slid and oil posted its fourth straight day of declines as investors grappled with mixed economic data and considered the economic impact of the ongoing spread of the Delta coronavirus variant.

Wall Street closed down sharply on Tuesday, with the most significant declines seen in mega-cap technology-related and consumer discretionary stocks as investors scaled down their risk appetite.

The Dow Jones Industrial Average fell 0.79 per cent, snapping a five-day winning streak. The S&P 500 lost 0.71 per cent after posting a new record high on Monday, and the Nasdaq Composite dropped 0.93 per cent.

Back home, foreign institutional investors (FIIs) sold shares worth Rs 344 crore while domestic institutional investors bought shares worth Rs 266 crore.

HDFC Bank will be in focus after the Reserve Bank of India partially lifted technology ban and allowing it to issue new credit cards.