India’s benchmark indexes are set for a muted start on Tuesday, the final session of 2024, tracking other Asian peers, as elevated US Treasury yields continue to weigh on emerging markets.
The GIFT Nifty futures were trading at 23,663.5 as of 7:48 a.m. IST, indicating that the benchmark Nifty 50 would open near Monday’s close of 23,644.9.
India’s benchmark indexes fell on Monday, led by bank stocks, as elevated US Treasury yields and prospects of fewer US rate cuts in 2025 spurred foreign outflows and weighed on sentiment.
So far this year, the Nifty and Sensex have gained about 8.8 per cent and 8.3 per cent, respectively, well below the roughly 20 per cent jump last year as a moderation in corporate earnings and sustained foreign selling in the last quarter weighed on markets.
Other Asian markets opened lower on the day, with the MSCI Asia ex-Japan index shedding 0.2 per cent.
Foreign institutional investors (FII) remained net sellers for the tenth session in a row on Monday, offloading shares worth ₹24,045 crore (about $2.8 billion) over the period.
Domestic institutional investors (DII), on the other hand, have been net buyers for the last nine sessions.
Stocks to watch
** Adani group stocks will be in focus after the conglomerate says it will exit its consumer goods joint venture with Singapore’s Wilmar in a $2-billion deal.
** The Defence Ministry signs a contract worth ₹1,990 crore with Mazagon Dock Shipbuilders.
** Government allocates Meenakshi Coal Mine in Odisha to Hindalco Industries.
** Rail Vikas Nigam emerges as the lowest bidder for a Central Railway project worth ₹137 crore. ($1 = 85.5330 Indian rupees)
