Widespread concerns about the country's economic growth remain
Domestic stock markets are likely to start the week on a negative note amid lacklustre trade in Asian shares, as investors try to shake off worries that rising COVID-19 cases in the US could scupper a quick economic rebound from the massive downturn triggered by the pandemic. The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty index - declined as much as 0.98 per cent (100.15 points) to hit 10,146.50 ahead of the opening of Indian markets. At 8:14 am, the SGX Nifty futures were down 48.45 points - or 0.47 per cent - at 10,198.20.
Equities in other Asian markets moved on a mixed note. MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.13 per cent lower. While Hong Kong's Hang Seng and
South Korea's KOSPI indices were down 0.37 per cent and 0.06 per cent at the time, Japan's Nikkei 225 and China's Shanghai Composite benchmarks were up 0.09 per cent and 0.25 per cent.
After a brutal sell-off earlier this year, share prices had risen globally over the past three months, helped by massive stimulus around the world and hopes the worst of the pandemic was over.
The E-Mini S&P 500 futures were up 0.49 per cent, indicating a positive start for US markets on Monday.
Last Friday, the S&P BSE Sensex index gained 523.68 points - or 1.53 per cent - to end at 34,731.73, and the broader NSE Nifty 50 benchmark settled at 10,244.40, up 152.75 points - or 1.51 per cent - from its previous close.
Reliance Industries shares closed 6.25 per cent higher that day, a record high following the company's announcement of being net-debt free after raising over Rs 1.69 lakh crore over the last few weeks through stake sales in its digital arm and a rights issue.
However, widespread concerns about the country's economic growth remain, which is already languishing at multi-year lows and faces further challenges from rising COVID-19 cases at home and abroad.
