Nifty Seen Opening Above 16,300; Tata Steel, Eicher Motors In Focus

Foreign institutional investors bought shares worth Rs 238 crore and domestic institutional investors bought shares worth Rs 206 crore.

The Indian equity benchmarks are set to open higher as indicated by the Nifty futures traded on the Singapore Exchange amid weak cues from other Asian markets. Nifty futures on Singapore Exchange also known as the SGX Nifty rose 38 points to 16,332. Asian shares failed to follow a strong close on Wall Street with fears about the spread of the Delta variant of the coronavirus weighing on sentiment even as tame US inflation eased fears the Federal Reserve would rush to reduce its economic support. That data also caused dollar to retreat against most major currencies and US Treasury yields to edge down overnight though both were steadier in Asian hours. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.25 per cent in early trading, dragged by a 0.24 per cent decline in Chinese bluechips. The Hong Kong benchmark fell 0.2 per cent while Australian shares were largely flat and Japan's Nikkei rose 0.35 per cent. Overnight, global shares hit record highs Wednesday after data showed US consumer price increases slowed in July, easing concerns that the Federal Reserve will imminently signal a scaling back of bond purchases.