Nifty Seen Opening Above 17,900; Reliance Industries, D-Mart In Focus

The National Stock Exchange benchmark - Nifty 50 index is set to stage a gap up opening as indicated by the Nifty Futures traded on Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty futures rose 72 points or 0.4 per cent to 17,929 hinting that Nifty may open above its important level of 17,900. In Friday's session, the Indian equity benchmarks resumed their upmove after a day's pause in the previous session led by gains in Reliance Industries, ICICI Bank, HDFC Bank, Tata Consultancy Services, Asian Paints, Hindustan Unilever and Kotak Mahindra Bank.

Meanwhile, other Asian markets were muted on Monday as investors count down to another U.S. inflation reading that could well set the seal on an early rate hike from the Federal Reserve, lifting bond yields and punishing tech stocks. The explosion in coronavirus cases globally also threatens to crimp consumer spending and growth just as the Fed is considering turning off the liquidity spigots, tough timing for markets addicted to endless cheap money.

MSCI's broadest index of Asia-Pacific shares outside Japan was near flat, while South Korea lost 0.7 per cent. Japan's Nikkei held steady for now, after falling 1.0 per cent last week, news agency Reuters reported.

Back home, the country's most valuable company – Reliance Industries - will be in focus after it informed exchanged that its subsidiary Reliance Industrial Investments and Holdings Limited entered into an agreement to acquire the entire issued share capital of Columbus Centre Corporation (Cayman), a company incorporated in the Cayman Islands and the indirect owner of a 73.37 per cent stake in Mandarin Oriental New York, one of the premium luxury hotels in New York City foe $98.15 million.

Avenue Supermarts, promoter of departmental store chain operator D-Mart, will be on investors’ radar after its profit rose 23.62 per cent to Rs 552.53 crore in third quarter of current financial year.