The Indian equity benchmarks are set to open lower as indicated by Nifty futures on Singapore Exchange amid weak Asian markets. The Nifty futures on Singapore exchange also known as the SGX Nifty futures fell 0.2 per cent or 30 points to 15,844. Meanwhile, other Asian markets were trading lower on on concerns new coronavirus outbreaks in the region could undercut an economic recovery even as robust momentum in the United States prompts the Federal Reserve to contemplate a quicker exit from accommodative policy.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.11 per cent lower, hovering near recent highs, though momentum has stalled as some countries re-impose lockdowns to contain the spread of the Delta virus variant.
Australian and Japanese shares took the brunt of early losses, with the ASX/200 index down 0.76 per cent and the Nikkei falling 0.91 per cent. The South Korean market was 0.39 per cent lower, and Chinese stocks were also down 1.06 per cent.
Overnight, Global equity markets reached new highs for the second straight session, boosted by U.S. equities, while Treasury bond yields eased and the dollar was little changed as investors awaited jobs data that could sway Federal Reserve monetary policy.
MSCI’s all country world index, which tracks shares across 50 countries, closed at 722.05, or 0.02 per cent higher. New highs set by the S&P 500 and the Nasdaq offset declines in the major French, German and UK bourses because the global index is U.S.-centric.
Back home, foreign institutional investors continue to remain sellers in Indian equity markets as they sold shares worth Rs 1,659 crore on Monday while domestic institutional investors bought shares worth Rs 1,277 crore.
RITES will be in focus as Metro Express, Mauritius awarded additional work of consultancy services to RITES for extension of the mainline from Rose Hill to Reduit through Ebene for an additional fee of Rs 45 crore approximately.