The Indian equity benchmarks are set to open higher on Tuesday wherein the Nifty 50 index is seen opening above its important psychological level of 15,800 as indicated by the Nifty futures on Singapore Exchange. The Nifty futures on Singapore Exchange also known as the SGX Nifty futures advanced 81 points or 0.51 per cent to 15,810. Meanwhile, global shares extended their recovery with Asian markets bouncing from four-week lows as investor focus on economic growth partly offset worries about any near-term rise in US interest rates.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.35 per cent, moving above Monday’s four-week lows and notching a 4 per cent gain so far this year.
Japanese shares led the way, with the Nikkei advancing 2.1 per cent. South Korea stocks rose 0.4 per cent, Australia was up 1.2 per cent and Chinese stocks advanced 0.6 per cent
Last week’s surprise hawkish shift by the U.S. Federal Reserve sent global stock markets skidding as traders brought forward expectations for interest rate increases.
Back home, foreign institutional investors sold shares worth Rs 1,245 crore while domestic institutional investors bought shares worth Rs 138 crore on Monday.
State Bank of India will be in focus after the central board of the bank approved fresh Additional Tier 1 (AT 1) capital up to an amount of Rs 14,000 crore in the current financial year.
Sun Pharma will be in focus after it informed exchanges that it has settle patent litigation for Revlimid with Celgene Corporation.