Sensex, Nifty Set For A Weak Start; Bharti Airtel In Focus

The Indian equity benchmarks are set to open lower as indicated by the Nifty futures traded on the Singapore Exchange. Nifty futures on Singapore Exchange also known as SGX Nifty fell 0.5 per cent per 75 points to 15,252. Meanwhile, most of the Asian markets were trading on a flat note with Japan’s Nikkei trading marginally lower at 30,274 and Hong Kong’s Hang Seng index advanced nearly 0.1 per cent.

Overnight, the Dow Jones Industrial Average notched a record closing high, joining a global march propelling stock indexes to record highs on Tuesday, as investors bet that COVID-19 vaccinations and US stimulus will deliver a durable economic recovery after a year of lockdowns.

Bitcoin added to the bullish mood, briefly climbing above $50,000 for the first time, while prospects of “reflation” – a boost in inflation from extraordinary fiscal stimulus – pushed U.S. Treasury yields higher.

Back home, Bharti Airtel will be in focus as its board will meet later in the day to discuss the future strategic plans and reorganization of shareholding framework of subsidiary companies which may result in consolidation/ acquisition of shares of subsidiary companies, the consideration of which may be discharged through issuance of equity shares of the Company on a preferential basis or cash.

Adani Ports will be in focus after the company acquired Dighi Ports and earmarked Rs 10,000 crore for building new gateway into Maharashtra.

L&T Finance Holdings closed its rights issue worth Rs 2,998.61 crore. The issue was was oversubscribed.