Nifty Likely to Open Lower as COVID Cases Rise in Asia

By Aditya Raghunath — After a strong closing and hitting record highs last week, and the will likely open in the red today. Asian markets are all trading down as the number of delta variant cases continues to rise in the continent. India is likely to take a negative impact from this.

is down 1.69%, is down 1.19% and the is down 0.81% at the time of this report. in Singapore are trading down 1.35% which indicates a gap down opening for India.

Markets will react to HDFC Bank Ltd (NS:)’s Q1 FY22 numbers in early trade today. The bank’s standalone profit came in at Rs 7,729.64 crore in Q1FY22 compared to Rs 6,658.62 crore in Q1FY21 while net interest income also rose to Rs 17,009 crore from Rs 15,665.42 crore in Q1 FY21.

Investors who were allotted shares in the GR Infraprojects and Clean Science IPOs might see good listing gains, as the grey market premium (GMP) is holding strong at above 50% for each company’s shares.

Market experts assume that Nifty will try to scale the 16,000 peak this week. Nifty hit a high of 16,942 last week and if it manages to close over 16,000, the next target will be 16,400.

US futures are all trading down with down 0.44%, down 0.43% and down 0.32%.

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