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The Indian equity benchmarks are set to open higher despite weak global cues as indicated by the Nifty futures traded on Singapore Exchange. SGX Nifty futures rose 0.64 per cent to 14,679. Meanwhile, 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.
The Australian S&P/ASX 200 fell 0.11 per cent and South Korea’s Kospi declined 0.87 per cent in early trading. Hong Kong’s Hang Seng index futures rose 0.54 per cent. Japanese markets are closed for a public holiday on Tuesday.
Overnight, The S&P 500 and Nasdaq closed lower on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies.
The Dow index ended slightly higher, lifted by a 4 per cent surge in Walt Disney Co shares.
US benchmark 10-year Treasury yields were up at 1.363 per cent. Since the beginning of February, 10-year yields have risen about 26 basis points, on track for their largest monthly gain in three years.
Back home, Reliance Industries will be in focus after the company announced that it will get approvals to hive-off its oil-to-chemicals business by second quarter of next financial year.
Bharat Forge will be in focus as the company signed an agreement with Paramount Group to manufacture armoured vehicles in India.
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