Nifty Seen Opening Marginally Lower; Larsen & Toubro n Focus

Foreign institutional investors bought shares worth Rs 1,202 crore while domestic institutional investors bought shares worth Rs 689 crore.

Nifty Seen Opening Marginally Lower; Larsen & Toubro n Focus

The Indian equity benchmarks are set to open marginally lower as indicated by the Nifty futures on Singapore Exchange amid weak cues from other Asian markets. The Nifty futures on Singapore Exchange also known as the SGX Nifty futures fell 0.2 per cent to 16,930. Asian markets were trading lower despite new highs on Wall Street as concerns about China's slowing economic growth weighed on investor sentiment. Japan's Nikkei fell 0.2 per cent, Hong Kong's Hang Seng index dropped 1.4 per cent, Taiwan Weighted declined 0.94 per cent and South Korea's KOSPI fell 0.13 per cent.

China's factory activity expanded at a slower pace in August as coronavirus-related restrictions and high raw material prices pressure manufacturers in the world's second largest economy, while services activity contracted sharply, national data showed Tuesday.

US and global equity benchmarks hit all-time highs on Monday, as the Federal Reserve appeared in no rush to step away from its massive stimulus, and US oil prices finished higher.

The S&P 500 gained 0.43 per cent, to 4,528.76 and was on track to finish the month up more than 3 per cent, and the Nasdaq Composite added 0.9 per cent to 15,265.72 as investors jumped into technology stocks.

Back home, foreign institutional investors bought shares worth Rs 1,202 crore while domestic institutional investors bought shares worth Rs 689 crore.

Larsen & Toubro will be in focus after it sold its 100 per cent stake in L&T Uttaranchal Hydropower to ReNew Power Services.