BENGALURU: Indian stocks were on Tuesday set to ease from all-time highs hit in the previous session, following an overnight slide in Wall Street on worries about China’s COVID-19 management and as oil prices pared losses.
India’s NSE stock futures listed on the Singapore exchange were down 0.34% at 18,667.50 as of 0730 IST.
Wall Street equities fell overnight on Monday, on COVID protests in China and ahead of commentary from Federal Reserve for any clues on its future rate hiking path.
Asian markets recovered from a weak start on Tuesday, with the MSCI Asia ex-Japan index rising 0.96%.
Meanwhile, global oil benchmarks erased some losses after sliding to their lowest levels in nearly a year on Monday, aided by speculation that OPEC+ could cut production due to weakness in demand in China, the world’s biggest crude oil importer.
US crude rose 1.3% to $77.24 per barrel, while Brent crude trimmed losses to close above $83 per barrel.
On Monday, the NSE Nifty 50 index rose 0.27% to settle at 18,562.75, and the S&P BSE Sensex climbed 0.34% to end at 62,504.80, with both notching closing highs for the third straight session.
Foreign institutional investors bought net of 9.36 billion rupees ($114.65 million) equities on Monday, while domestic investors purchased 879.3 million rupees ($10.66 million) worth of shares, as per provisional NSE data.