Markets

Sensex, Nifty Set To Follow Asian Peers Lower

(RTTNews) - Indian shares look set to open on a cautious note Monday amid tepid global cues and on concerns that rising coronavirus cases in the country could derail an economic recovery.

A record single-day spike in fresh cases was recorded in many southern states on Sunday, pushing up India's Covid's tally to about 11 lakh. However, the fatality rate is "progressively falling" and is currently at 2.49 percent, which is one of the lowest in the world.

On the earnings front, ACC, Bombay Dyeing and SBI Card are among the prominent companies that will unveil their quarterly earnings today.

Asian markets remain mostly lower this morning as the WHO reported a record single-day increase in global coronavirus cases and EU leaders battled to save a beleaguered 750-billion-euro ($860-billion) virus recovery package.

The dollar gained ground versus the yen and gold traded flat while oil extended losses toward $40 a barrel.

U.S. stocks ended Friday's session on a mixed note as Netflix forecast slower-than-expected subscriber growth and data showed U.S. consumer sentiment turned decidedly more pessimistic in July.

The Dow Jones Industrial Average slipped 0.2 percent. The tech-heavy Nasdaq Composite index and the S&P 500 rose around 0.3 percent as traders weighed the prospect of more fiscal stimulus against the troubling headlines on the coronavirus front.

European markets also ended mixed on Friday as investors reacted to a slew of earnings and looked ahead to an EU meeting to discuss the bloc's €750 billion coronavirus recovery fund.

The pan European Stoxx 600 edged up 0.2 percent. The German DAX rose 0.4 percent and the U.K.'s FTSE 100 gained 0.6 percent, while France's CAC 40 index dropped 0.3 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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