SGX Nifty hints at flat opening for Nifty

KS Badri Narayanan Chennai | Updated on May 05, 2021

But investors remain cautious due to shutdown fears

Markets to remain cautous though SGX NIfty points a flat opening, as pandemic-related local shut-downs continue keep investors on the edge.

The SGX Nifty at 14,589 (8 am IST) signals a mild positive opening for Nifty futures, which on Tuesday closed at 14,549.30. The US stocks, which slumped in early session on Tuesday due to Joe Biden's super rich tax fears, ended the day in the positive territory. However, the tech-heavy Nasdaq remained weak throughout the day as investors booked profits in heavy-weight stocks. S&P 500 too closed in the red. Most Asia-Pacific markets remained closed on Wednesday . Cues from Australia, Korea and Taiwan are positive.

FPIs on sell mode

According to analysts, foreign institutional investors are yet to gain confidence in Indian markets, as they continued their selling heavily. Foreign investitutional investors, afer pulling out over ₹9,600 crore in April in equities, sold another ₹ 5,500 crore in May so far.

Deepak Jasani, Head of Retail Research, HDFC Securities, said that Nifty has come under pressure as India's official tally of coronavirus infections surged past 20 million; Indian Premier League cricket tournament has been suspended with immediate effect and corporate management commentary remained cautious on Q1 performance due to lockdowns. Fears of stricter lockdowns also brought caution among traders, he added.


Shalby: Mars Medical Devices Limited, a wholly-owned subsidiary of Shalby, has agreed to acquire 100 per cent equity shares capital of Shalby Advanced Technologies Inc., Wilmington, Delaware, USA based on Common Stock Purchase Agreement and thereby it became step-down subsidiary of Shalby Limited.

Hindustan Aeronautics Limited (HAL) and Rolls-Royce have signed an MoU to establish packaging, installation, marketing and services support for Rolls-Royce MT30 marine engines in India. Through the MoU, Rolls-Royce and HAL will expand their long-standing partnership in India and work together in the area of marine applications for the first time.

Affle (India) has raised Rs 600 crore from qualified institutional buyers. The fund raising committee of Affle (India) has declared closure of the QIP issue and approved the price as ₹5,200 a share. The company has allotted 11,53,845 shares to eligible qualified institutional buyers.


ABB Power Products and Systems India, Adani Enterprises, Adani Green Energy, Angel Broking, Blue Dart Express, Ceat, Coral India Finance & Housing, Craftsman Automation, Deepak Nitrite, Gillette India, Integra Garments and Textiles, JM Financial, Kirloskar Ferrous Industries, Maithan Alloys, Megasoft, Oracle Financial Services Software, Sangam (India), Shalby, Surana Solar and Tata Steel will announce their quarterly and annual earnings for the period ended March 2021 on Wednesday.

Published on May 05, 2021

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