The Indian equity benchmarks are set to open lower as indicated by the Nifty Futures traded on the Singapore Exchange amid weak global cues. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures fell 0.52 per cent or 94 points to 17,867. Meanwhile, Asian shares dropped and the safe-haven dollar held firm on Tuesday, as a global energy crunch fuelled inflation fears, clouding investor sentiment before the US corporate earnings season.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9 per cent in early trade, after US stocks ended the previous session with mild losses. US stock futures, the S&P 500 e-minis, fell 0.43 per cent.
Overnight, US shares fell on Monday, having whip-sawed between gains and losses as soaring oil prices that hit multi-year peaks stoked fears about rising prices and tighter monetary policy, lifting the dollar to a near-three-year high against the yen.
A rally in basic material and energy shares on higher oil prices initially lifted major US stock indices. But the gains faded as investors focused on the start of the US corporate earnings season next week.
The Dow Jones Industrial Average lost 0.72 per cent, the S&P 500 fell 0.69 per cent, and the Nasdaq Composite dropped 0.64 per cent.
Back home, foreign institutional investors sold shares worth Rs 1,303 crore and domestic institutional investors sold stocks worth Rs 373 crore on Monday.
Stocks In Focus
Tata Motors: The company informed exchanges that its global wholesales in second quarter of current financial year including Jaguar Land Rover were up 24 per cent year-on-year at 2,51,689 units. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in the second quarter were at 89,055 units, up 57 per cent, over same period last year.
Delta Corp: The company’s loss narrowed to Rs 22.57 crore in September quarter from Rs 55 crore during the same quarter last year.
HCL Technologies: The company said that it has tied up Google Cloud to launch innovative healthcare & life sciences solutions.