Markets LIVE: SGX Nifty down as Asia stocks decline; TCS in focus on fourth quarter earnings

SGX Nifty down

Nifty futures were trading 79 points or 0.4% lower at 17,817.50 on the Singapore Exchange, indicating a weak opening for the Indian benchmark.

Domestic equity benchmarks ended higher on Friday after three days of losses, as the Reserve Bank of India kept policy rates unchanged at a record low and maintained its accommodative stance.

Sensex closed 412.23 points higher at 59,447.18, while Nifty ended 144.80 points higher at 17,784.35.

Asian stocks soften on investor concerns over inflation, tighter monetary policy

Asian stocks tumbled on Monday, a week before central bank meetings and US inflation data rallied, while the euro posted gains on relief it did not win in the first round of France’s presidential elections.

French leader Emmanuel Macron and challenger Marine Le Pen qualified on Sunday for what promises to be a tough fight for the April 24 presidential election.

Equity markets were cautious, with MSCI’s broadest index of Asia-Pacific shares outside Japan falling 0.1%. Japan’s Nikkei fell 0.6%, having fallen 2.6% the previous week.

Japan’s Topix index fell 0.5%, South Korea’s Kospi index dropped 0.3%, Australia’s S&P/ASX 200 index fell 0.1%, the Hang Seng index fell 2% and the Shanghai Composite Index fell 1.1%.

S&P 500 stock futures and Nasdaq futures both fell in early trading. Earnings season has started this week with JP Morgan, Wells Fargo, Citi, Goldman Sachs and Morgan Stanley due for the report.

Wall Street ended on a mixed note on Friday, as investors pressed for the Federal Reserve to apply the brakes on the economy in a more aggressive way to beat inflation. Big tech shares once led the market with the S&P 500 down 11.93 points, or 0.3%, at 4,488.28. The Dow Jones Industrial Average rose 137.55, or 0.4%, to 34,721.12. Meanwhile, weakness in tech stocks pulled the Nasdaq Composite down 186.30, or 1.3%, to 13,711.00.