Indian equity benchmarks are set to open lower as Nifty futures traded on the Singapore Exchange indicated weak global cues. Nifty futures also known as SGX Nifty futures on the Singapore Exchange fell 0.64 per cent or 114 to 17,597. Asian stocks took heavy losses on Tuesday after a broad sell-off on Wall Street, as markets worried about the impact of multi-year high oil prices at a time when supply chain disruptions were already straining economic activity.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell as much as 1.3 per cent, falling for the third consecutive session. Japan’s shares were down 2.8 per cent, South Korea 2.5 per cent and Australia 1 per cent. The fall in the markets took MSCI’s main benchmark to 619.87, the lowest since November 2020. It has fallen more than 5 percent this year, with Hong Kong and Japanese markets taking major losses.
Overnight, the dollar eased and a gauge of global equity markets fell on Monday as investors worried about the prospect of new US-China trade tensions, stalled talks in Congress and rising inflation as oil prices multi-sided. reached the highest level of the year.
US Treasury yields rose on investors’ caution about the need to raise the government’s debt limit as the United States faces the risk of a historic default in two weeks.
The Dow Jones Industrial Average fell 0.94 per cent to 34,002.92, the S&P 500 fell 1.30 per cent to 4,300.46 and the Nasdaq Composite fell 2.14 per cent to 14,255.49 as investors gave up on Big Tech stocks as Treasury yields rose.
Back home, foreign institutional investors bought shares worth Rs 860.50 crore on Monday and domestic institutional investors bought shares worth Rs 228 crore.
Adani Green will be in focus today when the company said that it has successfully completed the acquisition of SB Energy Holdings Limited (SB Energy India), for which definitive agreements were signed on May 18, 2021.
Mahindra & Mahindra Financial Services will be in focus after the company said that in September 2021, total disbursements stood at around Rs 1,900 crore, up 23 per cent year-on-year, albeit on a lower basis that was impacted by the first wave of COVID-19. Consequently, in the second quarter of the current financial year, the total disbursements stood at around Rs. 6,450 crore, up 60 per cent annually.