ECONOMY

Stock Markets Live: SGX Nifty Suggests Weak Opening; TCS, United Breweries In Focus

Asian shares followed U.S. equities lower Friday on growing anxiety that the spread of Covid-19 variants could hamper the global economic recovery.

MSCI Inc.’s gauge of Asia-Pacific stocks tumbled to the lowest since mid-May with equities retreating from Japan and China to Australia. A key Hong Kong gauge of Chinese stocks fell into a bear market.

India’s SGX Nifty 50 Index futures for July delivery fell 0.4% to 15,641, while MSCI Asia Pacific Index down 1.5%. The NSE Nifty 50 Index fell 1% Thursday to 15,727.90.

U.S. contracts slipped after the S&P 500 and Nasdaq 100 pulled back from records. Economically sensitive sectors such as industrials and materials led Wall Street lower.

U.S. government bonds pared an overnight advance but the benchmark 10-year yield remains on course for the biggest weekly slide since June last year. At one point in U.S. hours the 30-year Treasury yield dipped below 1.90% for the first time since February.

Oil traded around $73 a barrel, paring a weekly loss, after data showed a slump in U.S. stockpiles and record fuel demand. Elsewhere, Bitcoin has fallen back toward the lower end of a trading range amid a pull back in cryptocurrencies.

Back home, TCS may react as the company reported quarterly results after the market closed Thursday. Federal Bank, United Breweries, Dishman Carbogen among companies holding their annual shareholders’ meeting. Foreign investors bought net Rs 661 crore of stocks on Wednesday, according to NSDL website.

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