Nifty Set To Open Below 14,200 On Subdued Global Cues

The Indian equity benchmarks are set to open on a subdued note on Wednesday following weak global cues. Global stocks slipped from record levels on Tuesday, with investors cautious as the Federal Reserve kicked off its two-day policy meeting and U.S. lawmakers continued to debate a new stimulus plan. Meanwhile, Nifty futures on Singapore Exchange or SGX Nifty was indicating that the Nifty opening below 14,200. The SGX Nift was up 0.3 per cent at 14,127.

Wall Street’s main indexes closed lower.

The Dow Jones Industrial Average fell 22.96 points, or 0.07 per cent, to 30,937.04, the S&P 500 lost 5.74 points, or 0.15 per cent, to 3,849.62 and the Nasdaq Composite dropped 9.93 points, or 0.07 per cent, to 13,626.07.

The MSCI world equity index, which tracks shares in 49 nations, fell 1.99 points or 0.3 per cent, to 666.09.

After a “buy everything” rally over several months supported by money-printing pandemic stimulus packages, near-zero interest rates and the start of COVID-19 vaccination programs, some investors are worried markets may be near “bubble” territory.

Back home, Larsen & Toubro will be in focus after its profit rose 5 per cent to Rs 2,467 croe.

Kotak Mahindra Bank clocked a 16.1 per cent year-on-year growth in profit at Rs 1,853.5 crore for the quarter ended December 2020, supported by net interest income (NII) growth and operating profit. In the year-ago quarter, the bank’s profit stood at Rs 1,596 crore.