Sensex, Nifty Set To Open Lower; HDFC Bank In Focus

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Sensex, Nifty Set To Open Lower; HDFC Bank In Focus

The Indian benchmarks indices are set to open on a weak note on Monday as indicated by the Nifty futures traded on the Singapore Exchange. Singapore Nifty futures also known as SGX Nifty was down 27 points or 0.2 per cent at 14,432.

Meanwhile, most of the other Asian markets were also trading lower with Japan’s Nikkei down 0.8 per cent, Taiwan Weighted fell 0.5 per cent and South Korea’s KOSPI was down nearly 1 per cent.

Stock and oil prices fell on Friday, pressured by intensifying lockdowns and weak U.S. retail sales data, while the dollar index posted its largest weekly gain in more than two months.

U.S. bond yields and stocks have risen recently, partly on expectations about the rollout of coronavirus vaccines and on a massive stimulus plan by the incoming Democratic administration. President-elect Joe Biden on Thursday unveiled a $1.9 trillion economic aid plan.

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But vaccination campaigns have progressed more slowly than expected and the prospect of stricter lockdowns in France and Germany, as well as a resurgence of COVID-19 cases in China, weighed on market sentiment.

Back home, HDFC Bank will be in focus after its profit rose 18 per cent to Rs 8,753.80 crore in October-December quarter while its asset quality improved slightly compared to the previous quarter.

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