ECONOMY

Share Market Live: SGX Nifty Indicates Flat Open; Tata Steel, Eicher Motors, Hero Moto In Focus

Asian shares slipped on Friday as the spread of the delta Covid-19 variant and China’s regulatory curbs restrained sentiment despite another record high close on Wall Street.

The technology sector led losses partly on a retreat in chipmakers that hurt South Korean equities. Stocks fluctuated in Japan and fell in China and Hong Kong. U.S. contracts were steady after the S&P 500 hit a fresh peak and the tech-heavy Nasdaq 100 rose. Airbnb Inc. slid in extended trading on a tough outlook due to the virus. A surge in streaming demand boosted Walt Disney Co.

U.S. Treasury 10-year yields were near a one-month high following a tepid 30-year auction and data highlighting price pressures and a recovery in the labor market. A gauge of the dollar held an advance.

India’s SGX Nifty 50 Index futures for August delivery remained little changed at 16,377.00, while MSCI Asia Pacific Index shed 0.2%.

The focus in China remains on Beijing’s push to exert more control over a range of industries. In real estate, the nation is suspending private equity funds from raising money to invest in residential property development. Separately, a partial shutdown of a major Chinese port due to a virus outbreak stoked concerns about a repeat of last year’s pandemic shipping woes.

Oil dipped as traders grappled with the impact of the delta variant on demand. In agricultural commodities, a prospective squeeze on global grain supplies is reigniting a rally in crop prices. Bitcoin was around $44,800.

Back home, Tata Steel, Hero, Eicher Motors, Ashok Leyland, Aurobindo Pharma, Dish TV, Redington, Gujarat Pipavav may react as the companies reported quarterly results after the market closed on Thursday. ONGC, Grasim, Petronet LNG, IGL, Apollo Hospitals, Glenmark Pharma are among the companies scheduled to report earnings on Friday. Bharat Forge, DCB Bank, Gujarat Pipavav, Tube Investments are holding their annual shareholders’ meeting. Foreign investors bought net Rs 297 crore of stocks on Wednesday, according to NSDL website.

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