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MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.18% on Monday, slipping from a record top last week as the jump in US bond yields unsettled investors. (Photo: iStock)
MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.18% on Monday, slipping from a record top last week as the jump in US bond yields unsettled investors. (Photo: iStock)

Indian markets may remain under pressure; Reliance, Bharti Airtel in focus

  • Reliance Industries Ltd (RIL) has presented the contours of its plans to reorganise the oil-to-chemicals (O2C) business and make it a separate entity which will be 100% owned by RIL. The Mukesh Ambani-led company said it is looking at completing the process by FY22

MUMBAI: Indian stock markets will likely remain under pressure on Tuesday, with SGX Nifty futures suggesting a mild positive start of Indian benchmark indices.

On Monday, the BSE Sensex slipped 1145.44 points or 2.25% to close at 49,744.32 and the Nifty lost 306.05 points or 2.04% before ending at 14,675.70.

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Asian stocks dipped on Tuesday as rising US Treasury yields and inflation prospects led to a further rotation out of the big tech stocks responsible for a major Wall Street rally during the pandemic.

Oil prices rose on tight global supply outlook after US production was hammered by frigid weather and an approaching meeting of top crude producers which will likely to see output being kept largely in check.

Bond yields have risen sharply this month as prospects of more US fiscal stimulus have boosted hopes for a faster economic recovery globally. However, that has also fuelled inflation expectations, prompting investors to sell growth stocks that drove the equity rally during the pandemic.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.18% on Monday, slipping from a record top last week as the jump in US bond yields unsettled investors.

Commodity prices rose partly as the US dollar remained broadly weak. The dollar index fell 0.287%, with the euro up 0.09% to $1.2165. The Japanese yen strengthened 0.06% versus the greenback at 104.99 per dollar.

Spot gold added 0.06% to $1,809.69 an ounce.

Federal Reserve Chair Jerome Powell will deliver his semi-annual testimony before the US Congress, starting Tuesday and is likely to reiterate a commitment to keeping policy super easy for as long as needed to drive inflation higher.

Back home, in a late night notification Reliance Industries Ltd (RIL) presented the contours of its plans to reorganise its oil-to-chemicals (O2C) business and make it a separate entity which will be 100% owned by RIL. The Mukesh Ambani-led company said it is looking at completing the process by FY22.

The Supreme Court on Monday restrained the National Company Law Tribunal (NCLT) from approving the 24,713-crore deal between Kishore Biyani’s Future Retail Ltd (FRL) and Reliance Industries Ltd (RIL), after Amazon.com Inc. filed a plea before the apex court.

Reliance Jio Infocomm Ltd, India’s largest wireless operator, plans to build a data centre in Uttar Pradesh at an investment of around $950 million, according to a Mint report.

Bharti Airtel Ltd will meet global fixed income investors on or after 23 February to decide on issuance of foreign currency bonds, the company said in an exchange filing on Monday. The board of the telco had earlier this month approved raising up to Rs7,500 crore through debt instruments such as debentures and bonds in one or more tranches.

Tata Motors Ltd has laid high hopes on sport-utility vehicles to sustain sales growth of its domestic passenger vehicles, said a senior company executive. The Mumbai-based automaker introduced the Safari SUV model on Monday, resurrecting the brand name, which was discontinued in 2019 after a 21-year run. The new model will be sold in six and seven-seater versions and will be the flagship vehicle of Tata Motors.

(Reuters contributed to the story)

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