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MUMBAI : Markets are likely to be wobbly on Tuesday while trends in SGX Nifty suggest a weak opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 59,299.32, up 533.74 points or 0.91% and the Nifty was at 17,691.25, up 159.20 points or 0.91%.

A global selloff in stocks continued in Asia on Tuesday amid concern that surging prices for raw materials such as crude oil will stoke inflation and sap economic momentum.

MSCI Inc.’s Asia-Pacific share index slumped about 1.5%. Japan tumbled, taking the slide in the Nikkei 225 since a September peak to more than 10%. A Hong Kong gauge of Chinese technology stocks slid and South Korea headed for a correction.

US futures were in the red after the S&P 500 retreated to the lowest since July and the Nasdaq 100 shed over 2%, dragged down by megacap tech firms such as Inc. and Facebook Inc. The energy sector was among the few to rise in the US and Asian sessions.

Amid the ongoing spat with the board of Zee Entertainment Enterprises Ltd, Invesco on Monday urged the National Company Law Tribunal (NCLT) to pass an order to ensure the convening of the company's Extraordinary General Meeting (EGM). After hearing the matter for some time on Monday, the tribunal adjourned the proceedings for Tuesday.

The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the petition filed by Gail India Ltd challenging the insolvency resolution plan of Alok Industries, which has now been taken over by a consortium of Reliance Industries and JM Financial Asset Reconstruction Co Ltd.

Adani Ports, which is rapidly expanding its network on the east coast, is set to enter the maritime sector in West Bengal as it emerged as the top bidder for operating a berth at Haldia Dock Complex, an official said on Monday. Adani Ports and Special Economic Zone Ltd outbid city-based Ripley & Co by quoting a royalty of 75 per tonne for the rights to mechanise and run the dry bulk cargo handling berth at HDC of Syama Prasad Mookerjee Port Trust, formerly known as Kolkata Port, he said.

Ten-year US Treasury yields were steady and the dollar reversed an overnight loss.

Oil stabilized near the highest since 2014 following OPEC+’s decision to maintain a gradual supply hike even as a natural-gas crisis boosts crude demand. The Bloomberg Commodity Spot Index soared to an all-time peak.

China’s indebted property sector continues to vex traders. Fantasia Holdings Group Co. didn’t repay a $205.7 million bond that was due Monday, adding to the strains of the nation’s heavily leveraged property firms following industry giant China Evergrande Group’s debt woes. Chinese markets are closed for a holiday and will reopen Friday.

Global stocks have dropped more than 5% from a record in early September, hurt by a looming reduction in Federal Reserve stimulus, spiraling energy costs and the possibility of slower growth in China due to Beijing’s property-sector crackdown.

US lawmakers are also continuing their brinkmanship over the nation’s debt ceiling, with President Joe Biden warning that the government is at risk of breaching the legal limit this month.

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