Asian markets likely to fall after weakness in global peers

Published On: March 24, 2021Categories: Stocks & Shares1.5 min read

Asian stocks fell as the cost of the US stimulus and infrastructure plans and new pandemic restrictions limited investors’ risk appetite

Asian markets are likely to be on the edge after weakness in global peers on Wednesday. Trends in SGX Nifty indicate Indian benchmark indices may see a weak start. On Tuesday the BSE Sensex finished at 50,051.44, up 280.15 points or 0.56%. The Nifty ended at 14,814.75, up 78.35 points or 0.53%.

Asian stocks fell on Wednesday as the cost of the US stimulus and infrastructure plans and new pandemic curbs limited investors’ risk appetite.

Two-wheeler maker Hero MotoCorp on Tuesday said it will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from April 1, 2021, in order to partially offset the impact of higher commodity costs.

Bharti Airtel Ltd’s Africa unit has signed a pact with Helios Towers Plc to sell 1,229 towers in Madagascar and Malawi for $108 million, the company said in a stock exchange filing on Tuesday. Airtel Africa Plc will also build 195 sites across the two regions over the next three years for $11 million, which will be handed over to Helios Towers upon completion.

The Telecom Regulatory Authority of India (TRAI) on Tuesday said major banks and big telemarketers have failed to adopt the new SMS regulations rolled out to check spam messages and protect consumers from online frauds, despite multiple reminders.

In primary markets, Anupam Rasayam will make stock markets debut on Wednesday. The ₹760-crore ($104,560,572) issue was subscribed 44 times, in the price band of ₹553-555 ($7.61-7.64) per share.

Benchmark 10-year notes advanced 19/32 in price to yield 1.6153%, from 1.682% late on Monday after Federal Reserve chair Jerome Powell and US treasury secretary Janet Yellen spoke to Congress.

Powell downplayed the risk of inflation. Yellen said the US economy remains at risk as she fielded lawmakers’ questions about possible infrastructure and tax increase plans under consideration.

Crude oil futures tumbled more than 6% due to demand concerns amid a third wave of the coronavirus pandemic.

About the Author: Jonathan Adams

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