Nifty set to open at record highs amid positive Asian cues

The Indian equity benchmarks are set to open higher as indicated Nifty futures traded at Gift City in Gandhinagar. The Nifty Futures at Gift City rose 0.09 per cent or 24 points to 25,982 amid stable cues from Asian markets.

Most of the Asian markets were trading higher with Japan's Nikkei share average hitting a three-week high on Tuesday as markets resumed trade after a long holiday weekend, with Wall Street's overnight gains and the Bank of Japan's dovish comments lifting sentiment.

Nikkei rose 1.46 per cent, Hong Kong's Hang Seng advanced 1.21 per cent, South Korea's KOSPI advanced 2.24 per cent and Taiwan Weighted unchanged.

Overnight, US stocks closed modestly higher on Monday as investors assessed whether a trend will develop in the week following the Federal Reserve’s rate cut.

The gains came amid comments from Fed policymakers and steady factory activity data, building on last week's sharp market rally after the central bank's decision to lower interest rates.

The Dow Jones Industrial Average rose 61.29 points, or 0.15 per cent, to 42,124.65, the S&P 500 gained 16.02 points, or 0.28 per cent, to 5,718.57 and the Nasdaq Composite gained 25.95 points, or 0.14 per cent, to 17,974.27.

Back home, benchmarks surged to fresh record highs on Monday with Sensex hitting record high of 84,980.53 and Nifty 50 index surging to an all-time high of 25,956.

Foreign institutional investors bought shares worth Rs 404 crore on Monday while domestic institutional investors bought shares worth Rs 1,0023 crore, data from the National Stock Exchange showed.

Foreign institutional investors have so far this month infused Rs 48,872 crore in equity markets, the highest monthly inflows by FIIs so far this year, according to NSDL.

Stocks to Watch

GR InfraProjects: Emerged as the lowest bidder for Nagpur metro construction work, worth Rs 904 crore.

BGR Energy Systems: Chennai water board terminated its Rs 440 crore construction order.

Bharti Airtel: Expanded its Gujarat network, deploying eight new cellular towers daily to enhance coverage across the state.

Spandana Sphoorty Financial: Approved the sale of a stressed loan portfolio with an outstanding value of Rs 304.41 crore for Rs 16.74 crore to an asset reconstruction company.

AstraZeneca Pharma: Received approval from the Central Drugs Standard Control Organisation to import and distribute Durvalumab.

Punjab National Bank: Plans to raise up to Rs 7,500 crore via QIP at a floor price of Rs 109.16 per share.

Power Grid Corp.: Successfully bid for the Khavda project to establish an interstate transmission system.

Mahindra & Mahindra: Addressed reports of a potential purchase of Skoda Auto VW India, clarifying that it and the VW Group are exploring collaboration opportunities.

Coal India: Entered a 74-26 JV pact with Rajasthan Rajya Vidyut Utpadan Nigam for a 2x800 MW brownfield thermal project.

Reliance Power: Approved raising Rs 1,525 crore via preferential issue of shares and warrants.

Shriram Properties: An FIR filed against a former Tamil Nadu Minister over Rs 28 crore payments related to Gateway Office Parks (formerly Shriram Properties and Infra) implicates several individuals but is unrelated to the company’s business or joint ventures.