Nifty Seen Opening Above 17,700; ITC, L&T, Cement Shares In Focus

The Indian equity benchmarks are set to stage a gap up opening with Nifty 50 index seen opening above its important psychological level of 17,700 as indicated by Nifty Futures traded on Singapore Exchange. Nifty Futures on Singapore Exchange also known as SGX Nifty Futures rose 0.72 per cent or 127 points to 17,724 amid positive global cues. 

Global equity markets wavered on Tuesday as a new month saw investors weigh strong earnings from big-name U.S. companies against mixed economic data and inflation worries.

While U.S. job openings increased to near record highs in December, a measure of U.S. manufacturing activity fell to a 14-month low in January amid an outbreak of COVID-19 infections, supporting views that economic growth lost steam at the start of the year.

A pan-European equity index rose 1.28 per cent while Japan's blue-chip Nikkei rose 0.28 per cent, with MSCI's world stock index up 0.85 per cent after hitting its highest in over a week, news agency Reuters reported.

Back home, selling by foreign institutional investors reduced sharply on Tuesday after the government expanded its capital expenditure plan for upcoming financial year in Budget 2022-23. FIIs sold shares worth Rs 21 crore while domestic institutional investors bought shares worth Rs 1,598 crore.

Cement shares and Larsen & Toubro will be in focus after the government announced Gati Shakti master plan for infra development in Budget.

ITC will be in focus as the Budget did not bring any new taxes on cigarettes and tobacco products.