Sensex, Nifty Log Worst Month Since February Dragged By Metals, I.T., Pharma Stocks
India's stock benchmarks snapped a three-day winning streak on Friday, dragged by power, banking stocks.
Closing Bell
India's stock benchmarks snapped a three-day winning streak on Friday, dragged by power, banking stocks, amid slide in global equities due to concerns over inflation and surge in crude oil prices.
On a monthly basis, May has been the worst month for Sensex and Nifty since February when equities tumbled after Russia began its invasion of Ukraine.
Metals, I.T. and Pharma stocks were the top sectoral laggards in May, while Smallcaps tumbled. Auto and FMCG indices were the only gainers in the month.
On Friday, the Sensex fell 0.64% to 55,566.41. The 30-stock gauge shed 1% in intraday trade. The Nifty also declined by similar magnitude to 16,584.55.
The broader indices outperformed their larger peers with MidCap index rising 0.5% and SmallCap adding 0.7%. Ten of the 19 sectoral indices compiled by BSE Ltd. decllined with power index losing over 2%. On the flipside, the realty measure gained over 2% while metal index jumped nearly 2%.
The market breadth was skewed in the favour of bulls. About 1,761 stocks rose, 1,593 fell and 123 remained unchanged.
India Bond Yield Eases Off High
10-year bond yield rose 5bps to 7.46%. The yield on the 10-year bond had surged to 7.49% on May 9, highest since 2019.
10-year bond yield eases off day's high to close at 7.42%.
Source: Bloomberg
Rupee Pares Losses Against Dollar
Indian currency fell 0.20% to 77.70 against the dollar. The Rupee pared most of the losses towards the end of the session to 77.64.
Source: Bloomberg
Timken India Gains 15% In Two Days After Q4 Results
Shares of Timken India rose over 7.5%,to a 52-week high of Rs 2,319.75.
The sharp uptick comes after the company reported net income for the quarter-ended March that was more-than-double the value of the corresponding quarter from a year ago, post market hours on Friday.
Over the last two days, the stock has gained over 15%.
Trading volume is thrice the 30-day average. Share price crossed above the 50-day simple moving average, indicating potential upward price momentum. The relative strength index on the stock is 74, suggesting that the stock may be overbought.
Source: Exchange filing, Bloomberg
Lobby Group For Tech Giants Like Apple Accuse India Agency Of Ignorance In Xiaomi Spat
Nykaa Gains Over 10% In Two Days As Analysts Upgrade Stock Despite Q4 Miss
Shares of FSN E-Commerce Ventures (Nykaa) rose over 7.52%, on course to log the best day in more than two weeks.
The stock has gained over 10% in two days despite the company reporting net income for the quarter-ended March that missed average analyst estimate, post market hours on Friday.
Most analysts retained 'buy' on the stock after the results. Jefferies believes that the QoQ decline in revenue is due to seasonality. ICICI Securities says the company presents a combination of largest beauty and personal care business in India, good profitability metrics, prudent capital allocation and an omni-channel play.
Since earnings, Nykaa has been upgraded by Kotak Institutional Equities, Dolat Capital and Axis Research.
Trading volume is 2.6 times the 30-day average. Of the 15 analysts tracking the company, 11 maintain 'buy', three suggest 'hold' and one recommends 'sell'. The return potential of the stock is 17.3%.
Source: Exchange filing, Bloomberg, Brokerage notes
NTPC Rises Most In Four Days
Shares of NTPC rose nearly 3.5%, the most in four days.
The rise came after the company informed that Unit-3 of 660 Mega Watt capacity of Nabinagar Power Generating Company has been declared for commercial operation with effect from June 1.
Nabinagar Power Generating Company is a wholly owned subsidiary of NTPC Ltd. With this, the commercial capcity of NTPC groups will rise to 69,016.68 Mega Watt.
Of the 28 analysts tracking the company, 26 maintain 'buy' and two suggest 'hold'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 19.7%.
Source: Exchange filing, Bloomberg
NARCL Appoints Natarajan Sundar As MD & CEO, With Effect From Monday
NARCL appoints Natarajan Sundar as MD & CEO, with effect from Monday.
Sundar retired as chief credit officer at State Bank of India on April 30.
Previous incumbent Padmakumar Nair, who was deputed from SBI, has returned to the bank.
Last week, NARCL board appointed Karnam Sekar as non-executive chairman and independent director
Former RBI Executive Director Malvika Sinha will also join as independent director on the board
Source: NARCL statement
MPS Gains On Acquisition Of eLearning Firm EI Designs For Rs 40 Crore
Shares of books and atlas publisher MPS Ltd rose over 7%, the most in two weeks.
The rise comes after the company completed the acquisition of EI Designs through its susbsidiary MPS Interactive Systems for Rs 40 crore, on May 29.
EI Designs is involved in eLearning industry and reported a revenue of Rs 31.71 crore in FY2020-21.
The acquisition is expected to add to operational efficiency gains for MPS Interactive.
Trading volume is nearly five times the 30-day average.
Source: Exchange filing, Bloomberg
Southwest Monsoon Is Most Likely To Be Normal, Says IMD
Rainfall between June- September over the country as a whole is likely to be 103% of the Long Period Average with a model error of ± 4%.
Rainfall is most likely to be Above Normal for Central India (>106% of LPA) and South Peninsula (>106% of LPA).
Rainfall is most likely to be Normal over Northeast India (96-106% of LPA) and Northwest India (92-108% of LPA).
Source: IMD
Lemon Tree Hotels Jumps Over 6% After Signing Property In Assam
Shares of Lemon Tree climbed 6.19%, joint-most in seven weeks, after the company signed a license agreement for a 40 room hotel at Chirang, Assam under its brand ‘Keys Select, by Lemon Tree Hotels.’ The hotel is expected to be operational by June, 2026.
Trading volume is 1.3 times the 30-day average. Share price crossed above 50-day simple moving average, indicating potential upward price momentum. Of the 11 analysts tracking the company, 10 maintain 'buy' and one suggests 'hold'. The return potential of the stock is 11.1%.
The company reported its earnings for the quarter-ended March post market hours on Friday. The stock has added over 6.5% in the last two days since the earnings.
Source: Exchange filing, Bloomberg
European Markets Decline
European markets decline after Germany and France report record-high inflation for the month of May.
Source: Bloomberg
10-Year Bond Yield Eases Off Day's High
10-year bond yield surged 5bps to 7.46% during the session.
The yield on the 10-bond eased off day's high to trade little changed as of 1:30 p.m.
Source: Bloomberg
Rupee Near Day's Low
Indian currency depreciates 0.20% to 77.70 against the dollar.
The Rupee had hit a record low 77.80 on May 17.
Source: Bloomberg
Dilip Buildcon Falls Most In Three Weeks
Shares of Bhopal-based construction firm Dilip Buildcon fell 4.6%, the most in nearly three weeks.
The company reported 15% YoY fall in revenue and reported a net loss for the quarter-ended March, post market hours on Monday. Ebitda fell 62.5% YoY while margins contracted to 8.21% from 18.64% YoY.
Q4 FY22 (Consolidated, YoY)
Revenue fell 15% at Rs 2,663.7 crore Vs Rs 3,135.47 crore
EBITDA fell 62.5% at Rs 218.63 crore Vs Rs 584.33 crore
EBITDA margin 8.21% Vs 18.64%
Net loss up 58% at Rs 41.09 crore Vs Rs 96.9 crore
Appointed Sanjay Kumar Bansal as the Chief Financial Officer with effect from May 31.
Trading volume is nearly 1.5 times the 30-day average. Kotak Institutional Equities dropped coverage of the stock due to limited investor interest in the stock. The brokerage faces multiple headwinds - limited order book growth, execution challenges and sharp decline in margins and profitability.
Of the 10 analysts, six recommend 'buy', two suggest 'hold' and two maintain 'sell'. The return potential of the stock is 49.9%.
Source: Exchange filing, Kotak Institutional Equities, Bloomberg
Mid-Day Market Update: Sensex, Nifty Trim Losses; M&M Jumps 4% To 52-Week High
India's stock benchmarks logged losses, but off day's low as losses in consumer durables, power and banking stocks offset the gains in auto, realty and consumer discretionary stocks. Sensex and Nifty are on-course to log the worst month since February 2022 when Russia began the invasion of Ukraine, creating jitters in global equity and commodities markets.
The Sensex fell 0.4% to 55,708.69. The 30-stock gauge lost nearly 540 points to an intraday low of 55,386.50. The Nifty 50 also declined by similar magnitude to 16,618.95.
The broader indices outperformed their larger peers, with S&P BSE Midcap gaining 0.5% and SmallCap adding 0.78%. Ten of the 19 sectoral indices compiled by BSE Ltd. declined with Consumer Durables index losing 1%. On the flipside, the realty and metal indices rise over 1.4%.
The market breadth is skewed in the favour of bulls. About 1,815 stocks advanced, 1,392 declined and 135 remained unchanged.
J Kumar Infraprojects Rises To 52-Week High After Reporting Strong Q4 Results
Shares of Mumbai-based construction firm J Kumar Infraprojects rose nearly 3% to a 52-week high of Rs 254 after the company reported net income for Q4FY22 that was more-than-double that of the corresponding value from Q4FY21.
Revenue rose over 12% YoY in the quarter-ended March while Ebitda surged 53%.
Trading volume is twice the 30-day average. All seven analysts tracked by Bloomberg maintain 'buy'. The consensus price of analysts implies an upside of 9.6%.
Source: Exchange filing, Bloomberg
Indraprastha Gas Appoints Sanjay Kumar As CFO Effective June 1
JUST IN
Indraprastha Gas has appointed Sanjay Kumar, currently Head (Finance) as Chief Financial Officer with effect from tomorrow, June 1.
The incumbent CFO Bimal Ram Nagar shall cease as CFO of the company from tomorrow.
Source: Exchange filing
KNR Constructions Surges After Q4 Results
Shares of Hyderabad-based construction firm KNR Constructions gained over 10.6%, on course for the best day in 11 months after the company reported 25% YoY growth in net income in the quarter-ended March on Monday.
Revenue grew 11% YoY to Rs 1,102.09 crore while Ebitda gained 26%. Margin expanded to 25.30% compared to 22.35% YoY
Trading volume is nearly 20 times the 30-day average. Of the 26 analyst tracked by the company, 23 maintained 'buy', two suggest 'hold' and one recommends 'sell'. The return potential of the stock is at 27.5%.
Nomura has reiterated 'buy' and kept target price unchanged at Rs 230 (implied downside of 12.23%) after the earnings.
Source: Exchange filing, Bloomberg
Clean Science Gains Most In Five Weeks After Q4 Results
Shares of Clean Science & Technology rose over 4.5%, most in over five weeks, to Rs 1,794.65 after the company reported Q4 results over the week. The stock added 2.4% on Monday.
The company reported 17.4% YoY growth in consolidated net profit for Q4.
Analysts at Kotak Institutional Equities noted that the revenue growth was offset by lower margins. Kotak Institutional Equities reiterates 'reduce' citing very rich valuations that leave little room for error.
Trading volume is nearly twice the 30-day average. Of the seven analysts tracking the company, two maintain 'buy', two suggest 'hold' and two recommend 'sell'. The return potential of the stock is 13.2%
Source: Exchange filing, Kotak Institutional Equities note, Bloomberg
M&M Jumps To Fresh 52-Week High; Kotak Institutional Equities Finds Valuations Attractive
Shares of Mahindra & Mahindra rose over 3.5% to fresh 52-week high of Rs 1,034 apiece.
The rise comes after the company announced an increase its capital expenditure for auto and farm equipment units by Rs 3,300 crore on Monday. The company had earlier set itself a capex target of Rs 17,000 crore between FY2021-22 and FY2023-24.
In a response to BQ Prime's query, Anish Shah, Managing Director of the company said it will look at monetising its listed and unlisted companies. The unlisted firms will be on their path to an IPO, Shah added.
Analysts at Kotak Institutional Equities maintained 'buy', citing cheap valuations and improving return ratios. It also found the turnaround in international farm subsidiaries despite a challenging external environment 'encouraging'.
Trading volume is 3.5 times the 30-day average. The relative strength is at 75, suggesting stock may be overbought.
Of the 45 analysts tracking the company, 42 maintain 'buy', one suggests 'hold' and two recommend 'sell'. The return potential of the stock is 9.8%.
Source: Bloomberg, Kotak Institutional Equities note
10-Year Bond Yield Near Highest Levels Since 2019
Yield on the 10-year bond rose 5bps to 7.46%, just basis points off the highest level in over two years.
Yield rose to 7.49% on May 9, the highest level since 2019.
The rise in yield comes amid surge in crude price and spike in U.S. yields. The bond markets are likely awaiting the GDP reading for the quarter-ended March, scheduled to be released later today.
Source: Bloomberg
Vodafone Idea Climbs 10% In Two Days Amid Reports That Amazon Is Mulling Rs 20,000 Crore Investment
Shares of Vodafone Idea jumped nearly 6% amid reports that Amazon.com and several investors are in talks with Aditya Birla Group to invest in the company.
The stock has risen over 10% in the last two days after The Ken reported that Amazon.com is planning to invest in Vodafone Idea.
Business Standard reports that Amazon and other investors plan to invest Rs 20,000 crore in Vodafone Idea, citing unidentified people.
Funds will be used to bid in the planned 5G spectrum auction and investment in services by the end of the year, according to the report.
Vodafone Idea is said to be talking to some private equity investors seeking investments. Spokespersons of Aditya Birla Group and Amazon declined to comment, according to Business Standard.
Vodafone Idea is the only Indian telecommunications services provider without investment from a U.S. technology giant so far.
Trading volume on the stock more than 2.5 times the 30-day average. Stock price crossed above 50-day moving average. Of the 21 analysts tracking the company, six suggest 'hold' and 15 recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies a downside of 24.6%.
Source: Business Standard, Bloomberg
Rupee Falls Against Dollar
Indian currency depreciated 0.17% to 77.67 during the session
Source: Bloomberg
Sun Pharmaceuticals Slips Most In Three Weeks
Shares of Sun Pharmaceuticals fell over 3.5%, the most in three weeks after the company posted a loss in Q4 due to one-time charge and price pressure in U.S. generics business.
Analysts at Motilal Oswal lowered FY23/24E EPS estimate by -4%/-3% after the earning to factor in high R&D spend on clinical trials, high Opex, weakness in API offtake to some extent.
However they believe that the long-term growth story remains intact and expect firm to gain market share in domestic formulation space. Growth in U.S. is likely to be driven by the ramp-up in Winlevi.
Trading volume on the stock is more than nine times the 30-day average. Share price fell below 100-day moving average
Of the 44 analysts tracking the company, 40 maintain 'buy', two recommend 'hold' and two suggest 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 16.7%.
Source: Exchange filing, Motilal Oswal note, Nirmal Bang note, Bloomberg
Natco Pharma Slips Most In Three Months On Q4 Miss
Shares of Natco Pharma fell over 8%, the most in over three months since Feb. 24, the day when global equities tumbled after Russia began invasion of Ukraine.
Today's decline comes after the company reported Q4 miss during market hours on Monday. The stock closed with 2% losses on Monday.
Trading volume on the stock is more than 25 times the 30-day average. The relative strength index of the stock is at 25, suggesting it may be oversold.
Source: Exchange filing, Bloomberg
LIC Slips Most In Nearly Two Weeks After Q4 Results
Shares of Life Insurance Corporation of India fell 3.31%, the steepest decline in nearly two weeks since May 19.
The company reported its Q4 numbers post market hours on Monday.
LIC Q4 FY22 (Consolidated, YoY)
Revenue up 12% at Rs 2,12,230 crore Vs 1,90,099 crore
EBITDA at Rs 2,396 crore Vs Rs 2,921 crore, down 18%
EBITDA margins at 1.13% vs 1.54%
Net profit down 17% of Rs 2,409 crore Vs Rs 2,917 crore
EPS at Rs 3.81 vs Rs 4.61
Recommended dividend of Rs 1.5 per share of face value Rs 10 each
LIC said that it is still in the process of determining its Indian Embedded Value for the year ended March.
Source: Exchange filing, Bloomberg
Opening Bell: Sensex, Nifty Open Lower; I.T., Banks, Metals Slide
India's stock benchmarks opened lower, dragged by banking and metal stocks amid slide in Asian markets as concerns over inflation and rise in crude prices weigh on sentiment.
The S&P BSE Sensex fell 0.67% to 55,552.71. The NSE Nifty 50 declined by similar magnitude to 16,569.80.
The broader indices outperformed their larger peers, losing 0.1%. Twelve of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology index losing over 1.25%.
The market breadth was skewed slightly in the favour of bulls. About 1,188 stocks advanced, 1,077 declined and 87 remained unchanged.
Trade Setup For Tuesday
Earnings Today: PTC India
Stocks To Watch
Mahindra & Mahindra: The company sold 2.76% stake in TVS Automobile Solutions for Rs 45 crore.
MPS: The company completed acquisition of EI Designs through MPS Interactive Systems, its wholly owned subsidiary for Rs 40 crore.
Lemon Tree Hotels: The company has signed a license agreement for a 40 room hotel at Chirang, Assam under its brand ‘Keys Select, by Lemon Tree Hotels.’ The hotel is expected to be operational by June, 2026.
Earnings Post Market Hours
LIC Q4 FY22 (Consolidated, YoY)
Revenue up 12% at Rs 2,12,230 crore Vs 1,90,099 crore
EBITDA at Rs 2,396 crore Vs Rs 2,921 crore, down 18%
EBITDA margins at 1.13% vs 1.54%
Net profit down 17% of Rs 2,409 crore Vs Rs 2,917 crore
EPS at Rs 3.81 vs Rs 4.61
Recommended dividend of Rs 1.5 per share of face value Rs 10 each
Sun Pharmaceuticals Q4 FY22 (Consolidated, YoY)
Revenue up 11% at Rs 9,447 crore Vs Rs 8,523 crore (Bloomberg estimate: Rs 9,576 crore)
EBITDA up 6% to Rs 2,179 crore from Rs 2,059 crore (Bloomberg estimate: Rs 2,544 crore)
EBITDA margins at 23.1% Vs 24.2% (Bloomberg estimate: 26.6%)
Net loss of Rs 2,277 crore Vs net profit of Rs 894 crore (Bloomberg estimate: Rs 1,707 crore Profit)
Recommended final dividend of Rs 3 per share of face value Re 1 each
Approved merger of its wholly owned subsidiaries Sun Pharmaceutical Medicare, Green Eco Development Centre, Faststone Mercantile, Realstone Multitrade and Skisen Labs with the company.
Aurobindo Pharma Q4 FY22 (Consolidated, YoY)
Revenue down 3% at Rs 5,809 crore Vs Rs 6,002 crore (Bloomberg estimate: Rs 5,901 crore)
EBITDA down 24% to Rs 974 crore from Rs 1,275 crore (Bloomberg estimate: Rs 1,029 crore)
EBITDA margins at 16.8% Vs 21.2% (Bloomberg estimate: 17.4%)
Net profit down 28% to Rs 576 crore Vs Rs 802 crore (Bloomberg estimate: Rs 600 crore)
Approved fourth interim dividend of Rs 4.5 per share of face value of Rs 1 each
Jindal Steel and Power Q4 FY22 (Consolidated, YoY)
Revenue up 35% at Rs 14,339.49 crore Vs Rs 10,593.72 crore (Bloomberg estimate: Rs 14,900.9 crore)
EBITDA fell 38% at Rs 3,070.2 crore Vs Rs 4,963.61 crore (Bloomberg estimate: Rs 3,854.4 crore)
EBITDA margin 21.41% Vs 46.85% (Bloomberg estimate: 25.86%)
Net profit up 3% at Rs 2,206.97 crore Vs Rs 2,139.28 crore (Bloomberg estimate: Rs 1,999.8 crore)
Recommended final dividend of Rs 2 per share of face value of Re 1.
IRCTC Q4 FY22 (Consolidated, QoQ)
Revenue up 28% at Rs 690.96 crore Vs Rs 540.21 crore
EBITDA fell 2% at Rs 264.35 crore Vs Rs 268.98 crore
EBITDA margin 38.3% Vs 49.8%
Net profit up 2% at Rs 213.78 crore Vs Rs 208.8 crore
Recommended final dividend of Rs 1.5 per share of face value of Rs 2 each
Trident Q4 FY22 (Consolidated, YoY)
Revenue up 37% at Rs 1,847.14 crore Vs Rs 1,350 crore
EBITDA up 40% at Rs 327.57 crore Vs Rs 235.56 crore
EBITDA margin 17.73% Vs 17.45%
Net profit up 130% at Rs 173.55 crore Vs Rs 75.63 crore
Dilip Buildcon Q4 FY22 (Consolidated, YoY)
Revenue fell 15% at Rs 2,663.7 crore Vs Rs 3,135.47 crore
EBITDA fell 62.5% at Rs 218.63 crore Vs Rs 584.33 crore
EBITDA margin 8.21% Vs 18.64%
Net loss up 58% at Rs 41.09 crore Vs Rs 96.9 crore
Appointed Sanjay Kumar Bansal as the Chief Financial Officer with effect from May 31.
Rail Vikas Nigam Q4 FY22 (Consolidated, YoY)
Revenue up 15% at Rs 6,437.54 crore Vs Rs 5,577.92 crore
EBITDA up 15% at Rs 408.38 crore Vs Rs 354.07 crore
EBITDA margin 6.34% Vs 6.35%
Net profit fell 1% at Rs 378.16 crore Vs Rs 381.79 crore
Delhivery Q4 FY22 (Consolidated, QoQ)
Revenue up 4% at Rs 2,071.75 crore Vs Rs 1,995.04 crore
EBIT fell 20% at negative Rs 159.32 crore Vs negative Rs 132.38 crore
EBIT margin -7.69% Vs -6.64%
Net loss fell 5% at Rs 119.86 crore Vs Rs 126.51 crore
NBCC (India) Q4 FY22 (Consolidated, YoY)
Revenue fell 11% at Rs 2,441.04 crore Vs Rs 2,752.63 crore
EBITDA fell 8.5% at Rs 72.98 crore Vs Rs 79.7 crore
EBITDA margin 3% Vs 2.9%
Net profit fell 57% at Rs 35.38 crore Vs Rs 82.36 crore
NLC India Q4 FY22 (Consolidated, YoY)
Revenue up 9% at Rs 3,085.89 crore Vs Rs 2,839.55 crore
EBITDA up 26.5% at Rs 1,068.74 crore Vs Rs 845.13 crore
EBITDA margin 34.6% Vs 29.7%
Net profit fell 54% at Rs 331.16 crore Vs Rs 725.5 crore
Radico Khaitan Q4 FY22 (Consolidated, YoY)
Revenue up 9.5% at Rs 3,224.45 crore Vs Rs 2,946.43 crore
EBITDA fell 21.5% at Rs 79.61 crore Vs Rs 101.35 crore
EBITDA margin 2.5% Vs 3.4%
Net profit fell 32% at Rs 50.15 crore Vs Rs 73.53 crore
Recommended final dividend of Rs 3 per share of face value of Rs 2 each
Dish TV India Q4 FY22 (Consolidated, QoQ)
Revenue fell 10% at Rs 642.7 crore Vs Rs 710.67 crore
EBIT fell 37% at Rs 114.95 crore Vs Rs 181.92 crore
EBIT margin 17.9% Vs 25.6%
Net loss of Rs 2,032 crore Vs net profit of 8,021 crore. Loss includes impairment of assets of Rs 2,653.88 crore. Profit before exceptional items and tax stood at Rs 41.82 crore
Campus Activewear Q4 FY22 (Consolidated, YoY)
Revenue up 28% at Rs 352.33 crore Vs Rs 275.1 crore
EBITDA up 21% at Rs 78.40 crore Vs Rs 65.03 crore
EBITDA margin 22.25% Vs 23.64%
Net profit up 296% at Rs 39.6 crore Vs Rs 10 crore
Medplus Health Services Q4 FY22 (Consolidated, QoQ)
Revenue up 3.5% at Rs 965.9 crore Vs Rs 933.45 crore
EBIT fell 21% at Rs 50.36 crore Vs Rs 63.43 crore
EBIT margin 5.21% Vs 6.8%
Net profit fell 32% at Rs 11.43 crore Vs Rs 16.91 crore
Sensex, Nifty Set To Fall; LIC, Sun Pharma, Aurobindo, JSPL, IRCTC, Vodafone Idea In Focus
Stocks in Asia fell on Tuesday amid concerns on the impact on growth due to interest rate hikes by central banks and the surge in crude oil prices to $118 a barrel after the European Union backed a push to ban some Russian oil.
Equities in Japan, Korea and Australia declined while Hong Kong futures fell. U.S. contracts rose. American markets were shut Monday for the Memorial Day holiday.
The Singapore-traded SGX Nifty, an early barometer of India's benchmark Nifty 50, fell 0.14% to 16,623 points as of 6:20 a.m. India's GDP data for quarter-ended March and estimate for FY22, fiscal deficit data and core output data for April are scheduled to be released on Tuesday.
European bonds fell as German inflation hit a record. The dollar rose slightly. U.S. President Joe Biden will hold a rare Oval office meeting on Tuesday with Fed Chair Jerome Powell amid rising inflation and ahead of U.S payroll numbers later this week. Elsewhere, Bitcoin was back above $31,000.