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Business News/ Markets / Stock Markets/  Markets may extend sell-off; Future Retail, RIL in focus
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Markets may extend sell-off; Future Retail, RIL in focus

The National Company Law Tribunal (NCLT) on Tuesday allowed Future Group companies to hold meetings of their shareholders and creditors to seek approval for the planned sale of assets to Reliance Retail Ventures Ltd

On Tuesday, the BSE Sensex ended at 59,667.60, down 410.28 points or 0.68% and the Nifty closed at 17,748.60, down 106.50 points or 0.60%. (Reuters) (REUTERS)Premium
On Tuesday, the BSE Sensex ended at 59,667.60, down 410.28 points or 0.68% and the Nifty closed at 17,748.60, down 106.50 points or 0.60%. (Reuters) (REUTERS)

MUMBAI: Markets may extend sell-off on Wednesday while trends in SGX Nifty suggest weak opening of Indian benchmark indices. On Tuesday, the BSE Sensex ended at 59,667.60, down 410.28 points or 0.68% and the Nifty closed at 17,748.60, down 106.50 points or 0.60%.

Asia stocks fell Wednesday after US stocks saw their worst day since May and bond yields spiked on concerns about inflation. Treasuries added to a decline.

MSCI Inc.’s gauge of Asian stocks dropped more than 1%—and is headed for its first quarterly slide in six. Japan fell more than 2% and Hong Kong and China opened weaker. U.S. futures fluctuated after the S&P 500 closed 2% lower -- the most since May—with concerns over the debt-ceiling impasse in Washington adding to investor angst. The Nasdaq 100 tumbled the most since March as technology shares fared worse than economically sensitive stocks amid rising Treasury yields.

The National Company Law Tribunal (NCLT) on Tuesday allowed Future Group companies to hold meetings of their shareholders and creditors to seek approval for the planned sale of assets to Reliance Retail Ventures Ltd.

American private equity major KKR is selling a 6.5% stake in Max Healthcare Institute Ltd, worth $300 million or Rs2,220 crore, in a block trade, according to Mint exclusive. KKR affiliate Kayak investments Holdings Pte Ltd is selling as much as 63.47 million shares or 6.57% of Max Healthcare at an indicative price range of Rs350-369.7 apiece, a discount of as much as 5.3% to the closing price of the scrip on Tuesday.

Adani Wilmar Ltd’s initial public offering (IPO), which was put on hold by the markets regulator, is back on track with the Securities and Exchange Board of India (Sebi) resuming the approval process for the share sale, according to updates on the Sebi’s website.

The 10-year Treasury yield edged higher. Earlier, the yield on the 30-year note jumped almost 10 basis points.

WTI crude retreated toward $74 a barrel. Brent crude pulled back from a three-year high above $80 a barrel. Gold was steady after declining.

The dollar held gains. During a Senate hearing, Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen both warned that a US default due to a failure to raise the debt ceiling would have catastrophic consequences. Republicans blocked a Democratic move in the Senate to raise the debt limit.

A global equity rally has stalled as investors reel from surging energy costs at the same time central banks are laying down plans to withdraw some of the pandemic stimulus.

US consumer confidence dropped in September for a third straight month, suggesting concerns over the delta variant and higher prices continue to dampen sentiment.

(Bloomberg contributed to the story)

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Published: 29 Sep 2021, 08:30 AM IST
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