The SGX Nifty is indicating declines at the opening for the Indian markets today. At 7 AM, SGX Nifty was trading around 10,790 levels, down 21 points from Nifty futures' previous close following weak global cues. On the Wall Street, the S&P 500 dropped 0.94 per cent after touching its highest level since February 24 intra-day. The Nasdaq closed 2.1 per cent lower although Dow Jones rose 0.04 per cent.
Asian shares also dipped in Tuesdays early deals. Both Australian ASX 200 and Japan's Nikkei slipped 0.6 per cent in early trading while Korea's Kospi lost 0.3 per cent.
In commodities, Brent crude was last trading 2 per cent lower at $41.86 per barrel.
Investors will today react to the CPI-based inflation data released post market hours yesterday. CPI inflation for June stood at 6.09 per cent, which has raised expectations of another rate cut. Meanwhile, the WPI inflation numbers are scheduled to be released today
On the Covid-19 front, India recorded 28,179 new cases on Monday, taking its total tally to over 9 lakh, according to Worldometer. The country's death toll stands at 23,727. Worldwide, over 1.3 crore people have been diagnosed with Covid-19. The World Health Organisation yesterday warned that the pandemic will worsen if countries fail to adhere to strict healthcare precautions.
Meanwhile, corporate results will continue to induce stock-specific movements. A total of 35 companies, including Wipro and Mindtree, are scheduled to announce their quarterly results today. Wipro, like its peers, is expected to post a weak set of numbers for the June quarter. Investors are likely to watch out for the company's strategy under the new CEO, updates on client interactions, and assessment of the impact on IT spend due to Covid-19 pandemic, among other things.
And, now, a quick look at other top news for the day.
After seeing a plunge in April amid the lockdown, retail payments reported a recovery in May, jumping 23 per cent to Rs 24.22 trillion in value terms, against Rs 19.66 trillion in April, the RBI monthly bulletin data showed.
Rating agency S&P Global has cut its emerging market growth forecasts, predicting a 4.7 per cent slump on average this year due to the coronavirus and warned that all countries would be left with permanent scars too.
The Nabard on Monday announced Rs 5,000 crore of refinance scheme for banks and financial institutions for providing finance to the beneficiaries of its 2,150 watershed development projects.
And, Private sector City Union Bank's board has approved the proposal to raise up to Rs 1,100 crore through equity and debt. The lender will seek shareholders' approval for the fundraise plan at its upcoming AGM next month.
Read by Kanishka Gupta