Asian stocks dipped Tuesday amid concerns a more infectious Covid-19 strain will derail an economic recovery.
An MSCI index of Asia-Pacific shares was on track for its first decline in six days as countries in the region are struggling to contain the highly transmissible Delta variant of the virus.
India’s SGX Nifty 50 Index futures for July delivery fell 0.1% to 15,855.50, while MSCI Asia Pacific Index slipped 0.4%. The NSE Nifty 50 Index fell 0.3% Monday to 15,814.70.
U.S. futures dipped after technology stocks led U.S. benchmarks to fresh records Monday. The S&P 500 eked out a gain on news that Facebook Inc. won dismissal of two monopoly lawsuits.
The Treasury yield curve flattened amid month-end index rebalancing and the break in auctions until July 12, reducing supply. Oil was steady after dropping with the market expecting OPEC+ producers to increase supply at an upcoming meeting. Bitcoin was steady around mid-$34,000.
Back home, National Aluminium, NLC India, Graphite India may react as the companies reported quarterly results after the market closed Monday. IRCTC, Ruchi Soya, EID Parry, NBCC India are among the companies scheduled to report earnings Tuesday. Asian Paints, Angel Broking among companies holding their annual shareholders’ meeting. Foreign investors sold net Rs 179 crore of stocks on June 25, according to NSDL website.