Nifty Seen Opening On A Flat Note; Asian Paints, Reliance Industries In Focus

Foreign institutional investors sold shares worth Rs 2,697.70 crore on Friday while domestic institutional investors bought shares worth Rs 1,030 crore.

Nifty Seen Opening On A Flat Note; Asian Paints, Reliance Industries In Focus

The Indian equity benchmarks are set to open on a flat note as indicated by the Nifty Futures traded on the Singapore Exchange. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures rose 0.08 per cent or 15 points to 18,159 amid weak cues from other Asian markets. Asian shares started steady on Monday ahead of a week packed with major quarterly earnings announcements, while the dollar hovered near October lows after three weeks of risk-friendly sentiment hurt safe-haven currencies.

HSBC and Facebook will both publish quarterly results on Monday, in Asian trading and late U.S. hours respectively.

Later in the week will be the turn of other benchmark heavyweights including tech giants Microsoft , Apple and Alphabet, and European and Asian financial behemoths from Deutsche Bank and Lloyds to China Construction Bank and Nomura.

On Monday morning, the regional benchmark was flat with a 0.5 per cent gain in Australia balanced by a 0.6 per cent fall in Korea.

Japan's Nikkei lost 1 per cent and U.S. S&P 500 futures shed 0.18 per cent.

Asian shares have largely lagged their U.S. and European counterparts in recent months mainly due to regulatory ructions and fears of slowing growth in China.

Back home, foreign institutional investors sold shares worth Rs 2,697.70 crore on Friday while domestic institutional investors bought shares worth Rs 1,030 crore.

Reliance Industries will be in focus after the Mukesh Ambani-led company posted a 43 per cent surge in second-quarter profit that exceeded market expectations on Friday, as rising demand and higher average selling price for oil products boosted its mainstay oil-to-chemicals business.

The Mumbai-based conglomerate's pandemic-hit energy and retail businesses are seeing a massive rebound with travel back in full swing and shoppers returning to stores as vaccination picks up pace in India.

Asian Paints will be on investors' radar after newspaper The Hindu BusinessLine on Saturday reported that a whistleblower has alleged related party transactions by its promoters.

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