The Indian equity benchmarks are set to open lower as indicated by the Nifty Futures on Singapore Exchange amid weak cues from other Asian markets after Russian President Vladmir Putin dramatically escalated East-West tensions by ordering Russian nuclear forces put on high alert on Sunday. Markets across Asia were trading lower with Hong Kong's Hang Seng down 1.41 per cent, Singapore's Straits Times down 1.68 per cent and Japan's Nikkei fell 0.31 per cent.
Citing “aggressive statements” by NATO and tough financial sanctions, Putin issued a directive to increase the readiness of Russia’s nuclear weapons, raising fears that the invasion of Ukraine could lead to nuclear war, whether by design or mistake.
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The Russian leader is “potentially putting in play forces that, if there’s a miscalculation, could make things much, much more dangerous,” said a senior U.S. defense official, speaking on condition of anonymity to discuss rapidly unfolding military operations.
Japan joined moves by the U.S. and other western nations to impose sanctions against Russia, including blocking some Russian banks from the SWIFT global payment system.
Back home, foreign institutional investors sold shares worth Rs 4,471 crore on Friday while domestic institutional investors bought shares worth Rs 4,318 crore.
Bharti AIrtel will be in focus after the telecom giant said on Friday that it has signed an agreement to buy Vodafone's 4.7 per cent stake in Indus Towers on the condition that the proceeds will be used for investment in Vodafone Idea and clearing dues of the mobile tower company.
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Reliance Industries will be in focus Moneycontrol citing sources reported that the company has effectively taken over the operations of Future Retail stores and has offered jobs to its employees. Reliance Retail has started to take possession of the premises in which Future Retail is operating its stores such as Big Bazaar and replaced them with its brand stores.
(With inputs from AP)
