Stock Markets Live: SGX Nifty Climbs As Asia Stocks Drift; GMR Infra, Natco Pharma In Focus

India Pesticides Ltd., a Lucknow-based maker of herbicides, insecticides and fungicide, plans to raise Rs 100 crore rupees selling new shares, according to an advertisement in the Financial Express newspaper Friday.

• IPO includes offer-for-sale of shares worth Rs 419 crore by existing shareholders and Rs 281 crore of shares by founder Anand Swarup Agarwal

• Investors can bid for minimum 50 shares of face value Re 1 each in the sale, which opens June 23 and closes June 25

• Axis Capital and JM Financial are managing the sale

Asian stocks drifted Friday after a rally in U.S. technology shares and Treasuries Thursday, as investors unwound some of this year’s dominant reflation trades.

The dollar pared gains and commodities steadied after overnight losses.

Equities climbed in Hong Kong and Australia, and were little changed in Japan and South Korea. India’s SGX Nifty 50 Index futures for June delivery rose 0.4% to 15,750.00, while MSCI Asia Pacific Index little changed. The NSE Nifty 50 Index fell 0.5% Thursday to 15,691.40.

In China, shares fluctuated after U.S. regulators proposed a ban on products from Huawei Technologies Co. and four other Chinese electronics companies. U.S. futures edged higher after a fresh bout of rotation from cyclical stocks pushed the tech-heavy Nasdaq gauge to another record.

Treasury yields steadied from a tumble amid speculation investors were unwinding bets on a steeper curve, after Federal Reserve officials signaled monetary-policy tightening could start sooner than previously thought, helping to rein in the risk that inflation might get out of hand. Australian 10-year yields retreated.

The Bloomberg Dollar Spot Index dipped after a fifth day of gains, its longest winning streak since March 2020. Its advance has made commodities that are priced in greenback more expensive, driving declines across the complex. Copper is headed for its worst week since the start of the pandemic and oil slipped Friday.

Back home, Power Grid, Natco Pharma, J&K Bank may react as the companies reported quarterly results after the market closed Thursday. Eveready Industries, GMR Infra are among the companies scheduled to report earnings Friday. Foreign investors sold net Rs 886 crore of stocks on Wednesday, according to NSDL website.