UPDATE: Nifty Seen Opening Lower; Nykaa Shares To Make Stock Market Debut

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The Indian equity benchmarks are set to stage a gap down opening as indicated by the Nifty Futures traded on the Singapore Exchange. The Nifty Futures on Singapore Exchange, also known as the SGX Nifty Futures, fell 0.7 per cent or 128 points to 17,952 amid weak global cues. Asian stock markets were becalmed on Wednesday as surges in oil and Chinese factory prices added to worries that a hot U.S. inflation reading could renew pressure on policymakers to lift interest rates. Factory gate prices in China have soared 13.5 per cent year-on-year to October, data showed, beating forecasts and warning of pressure heading down supply chains to global consumers.

MSCI’s broadest index of Asia-Pacific shares outside Japan and Japan’s Nikkei each dropped 0.2 per cent in and Overnight on Wall Street a long rally paused, with the Nasdaq logging its first fall in a dozen sessions.

Overnight, world stock indexes slid on Tuesday, bringing a multi-day rally of record closing highs to a wrap as profit-taking and worries over ongoing inflation fueled a broad selloff.

The retreat came as a solid rise in producer prices last month deepened concerns over inflation and oil prices have soared to seven-year highs, driving up the U.S. retail gasoline cost to $3.42 a gallon, the highest in seven years. Meanwhile, U.S. Treasury yields edged lower.

The Dow Jones Industrial Average fell 0.31 per cent and the S&P 500 lost 0.35 per cent. The Nasdaq Composite dropped 0.6 per cent.

Back home, foreign institutional investors sold shares worth Rs 2,445 crore on Tuesday while domestic institutional investors bought shares worth Rs 1.417.63 crore.

FSN Ecommerce Ventures the promoter of online fashion retailer – Nykaa – will make its stock market debut at 10:00 am today. The company sold shares in the price band of Rs 1,085-1,125 per share and the issue was subscribed 82 times.

Zomato, Bank of Baroda, Affle India, India Cements, Oil India and KIMS will be in focus as they will report their September quarter earnings later in the day.

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