SGX Nifty Slide After Modi Loses Key State Elections
U.S. futures climbed and most stocks in Asia dropped Monday, with investors assessing inflation risks as economic activity ramps up.
The dollar held onto gains. Hong Kong fell, while Australia and South Korea fluctuated. Japan, China and the U.K. are among the markets closed for holidays.
India’s SGX Nifty 50 Index futures for May delivery fell 1.2% to 14,473, while MSCI Asia Pacific Index -0.5%.
Inflation risks are back in focus, though some data are skewed by last year’s pandemic shock. In his latest annual meeting, billionaire Warren Buffett warned of rising price pressures and a “buying frenzy” spurred by low-interest rates.
Back home, Reliance Industries, IndusInd Bank, Yes Bank, Ajanta Pharma, Indian Hotels may react as the companies reported quarterly results after the market closed Friday. Kotak Mahindra Bank, Tata Chemicals, L&T Technology, SBI Life are among the companies scheduled to report earnings Monday. Foreign investors bought net Rs 1,440 crore of stocks on April 29, according to the NSDL website.
Elsewhere, India’s virus crisis is worsening, with daily deaths hitting another record on Sunday. Prime Minister Narendra Modi has come under fire for his handling of the Covid-19 crisis and his party lost a key state election.