Nifty Seen Opening Above 17,400; Hindustan Aeronautics, Hindustan Copper In Focus

Foreign institutional investors (FIIs) bought shares worth Rs 93 crore while domestic institutional investors sold shares worth Rs 1,627 crore.

Nifty Seen Opening Above 17,400; Hindustan Aeronautics, Hindustan Copper In Focus

Nifty Futures contracts on the Singapore Exchange advanced 0.31 per cent.

The Indian equity benchmarks are set to open higher as indicated by the Nifty Futures traded on the Singapore Exchange. The Nifty Futures contracts on the Singapore Exchange advanced 0.31 per cent or 55 points to 17,428 defying the weak trend in global markets. Global stock markets on Tuesday were caught in the grip of contagion fears sparked by troubles at China Evergrande as growing risks the property giant could default on its massive debt prompted investors to flee riskier assets.

Selling pressure persisted in early trade in Asia ahead of a major test for Evergrande this week, which is due to pay $83.5 million in interest relating to its March 2022 bond on Thursday. It has another $47.5 million payment due on Sept. 29 for March 2024 notes. Japan's Nikkei fell 2.0 per cent, resuming trade after a market holiday on Monday while MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.2 per cent.

MSCI's ACWI shed 0.13 per cent, a day after the gauge of the world's 50 stock markets lost 1.63 per cent, its biggest decline in two months, and leaving it teetering at its lowest level in two months.

Markets in mainland China and Taiwan are still closed for a public holiday on Tuesday for mid-Autumn festival while Korean markets remain shut through Wednesday.

Overnight, on Wall Street, the Dow Jones Industrial Average fell 614.41 points, or 1.78 per cent, to 33,970.47, the S&P 500 lost 75.26 points, or 1.70 per cent, to 4,357.73 and the Nasdaq Composite dropped 330.07 points, or 2.19 per cent, to 14,713.90.

Back home, foreign institutional investors (FIIs) bought shares worth Rs 93 crore while domestic institutional investors sold shares worth Rs 1,627 crore, data compiled by the National Stock Exchange showed.

Hindustan Copper will be in focus after the government completed the sale of 6.35 per cent stake in the company via offer for sale.

Hindustan Aeronautics will be on investors' radar after the company clarified that it has not received any information from the Government of India, being promoter of the Company, for selling its shares through OFS mechanism.

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