ECONOMY

Share Markets Live: Sensex, Nifty Off To A Volatile Start; Sobha Jumps Over 7%

Asian stocks fell Wednesday and Treasuries held an advance as concern over the economic recovery from the pandemic, virus variants and China’s scrutiny of the technology sector sapped sentiment.

Equities fell in Hong Kong, Japan and China but Australia rose despite an extension of Sydney’s lockdown. India’s SGX Nifty 50 Index futures for July delivery fell 0.4% to 15,777, while MSCI Asia Pacific Index slipped 0.4%. The NSE Nifty 50 Index fell 0.1% Tuesday to 15,818.25.

U.S. contracts fluctuated after the S&P 500 dipped, led by energy and financials, and the Nasdaq 100 reached a record. Ten-year U.S. Treasury yields hit February lows overnight amid slower-than-expected service-sector expansion. Australian and New Zealand sovereign bonds rallied.

China’s cybersecurity probe into ride-hailing giant Didi Global Inc. sparked a 20% plunge in its shares. The nation issued a sweeping warning to its biggest firms, vowing to tighten oversight of data security and overseas listings, signaling a broader crackdown on the corporate sector.

Oil dropped toward $73 a barrel. The fallout of an OPEC+ crisis that stymied efforts to raise production has buffeted prices this week.

Traders are looking ahead to the Federal Reserve minutes Wednesday for more clues on when the U.S. central bank may begin tapering the substantial asset purchases that have bolstered financial markets.

Back home, Neuland Laboratories is holding their annual shareholders’ meeting. The IPO boom continues with offer for sale from GR Infra and Clean Science & Technology opening for bidding. Foreign investors bought net Rs 439 crore of stocks on Monday, according to NSDL website.

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