KEY HIGHLIGHTS
Rupee Weakens Against US Dollar
-The local currency weakened 6 paise to close at 83.50 against the US dollar.
-It closed at 83.44 on Monday.
Source: Bloomberg
Nifty, Sensex End Little Changed After Hitting Records As Banks Weigh: Closing Bell
Benchmark equity indices Tuesday's volatile session little changed after hitting record highs in the early trade as shares of banks weighed on them.
Intraday, the Nifty hit its record high of of 24,236.35 and the Sensex hit all-time high of 79,855.87. Both the Nifty and Sensex ended flat at 24,123.85 and 79441.45 respectively.
According to Shrikant Chouhan, head of equity research at Kotak Securities the medium term texture of the market is still in to the positive side.
"For the day traders now, 24200/79700 would be the immediate resistance zone," he said. "Below the same, the market could retest the level of 24000-23950/79100-79000."
Shares of ICICI Bank Ltd., Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., State Bank Of India, and Tata Motors Ltd. dragged the index.
Those of HDFC Bank Ltd., Larsen & Toubro Ltd., Infosys Ltd., Tata Consultancy Services Ltd., and Reliance Industries minimised the losses.
Most sectoral indices ended lower with Nifty PSU Bank being the top loser.
Broader markets ended on a mixed note. The S&P BSE Midcap ended 0.57% lower, and the S&P BSE Smallcap settled 0.07% higher.
On BSE, 13 sectors declined and seven advanced out of 20. The S&P BSE Telecommunication declined the most, and the S&P BSE IT rose the most.
Market breadth was skewed in favour of buyers. Around 2,051 stocks rose, 1,864 stocks declined, and 93 remained unchanged on BSE.
Godrej Properties Hits Lifetime High On Sales Update
Shares of Godrej Properties Ltd. extended its record rally to third consecutive session Tuesday after selling over 2,000 homes on the launch day its Bengaluru project.
The real estate developer has reported sales worth Rs 3,150 crore in Godrej Woodscapes, Whitefield-Budigere Cross, Bengaluru, Godrej Properties said in exchange filing on Monday.
Shares of Godrej Properties rose 5.64% to Rs 3,339.95, the highest level since Jan 5, 2010, when it was listed. It was trading 4.54% higher at Rs 3,305.10 as of 2:46 p.m., as compared to 0.12% decline in the NSE Nifty 50 index.
The scrip gained 108.90% in 12 months, and rose 64.15% on year-to-date basis. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 68.14.
Out of 20 analysts tracking the company, 13 maintain a 'buy' rating, one recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 17.2%
Paper Stocks Gain
IPO Update- BMW Ventures
Files draft papers for IPO via fresh issue 2.34 crore shares worth 27% stake
Source: DRHP
Puravankara Arm Acquires Land In Botanico Project
Arm acquires owner’s shares of land in Botanico project in Karnataka for a total consideration of Rs 165 crore
Arm acquires owner’s shares of land in Capella project in Karnataka for a total consideration of Rs 86 crore
Source: Exchange Filing
Max Health Starts Operations At Dwarka Hospital
Commences operations of Max Super Speciality Hospital at Dwarka, New Delhi
Source: Exchange Filing
CDSL Board Recommends Bonus Issue
Board recommends bonus issue in the ratio of 1:1
Source: Exchange filing
HCL Tech Introduces Global Delivery Centre In Patna
Delivery centre to focus on IT & engineering services
Source: Exchange Filing
Kotak Mahindra International, K-India Opportunities Fund Say Hindenburg Has Never Been A Client
The Fund was never aware that Hindenburg was a partner of any of its investors
KMIL has also received a confirmation and declaration from the Fund’s investor that its investments were made as a principal and not on behalf of any other person
Source: Spokesperson Kotak Mahindra International
JSW Steel Hits Lifetime High
The stock rose as much as 1.04% to hit a record high of Rs 953.70 before falling 0.30% to Rs 941 as of 1:02 pm compared to 0.3% decline in the Nifty.
ONGC Board Approves CFO Appointment
Board approves appointment of Vivek Chandrakant Tongaonkar as Director (Finance) & CFO
Source: Exchange Filing
Adani Ports June Business Update
Logistics segment GPWIS volumes up 28% YoY at 5.56 MMT
Logistics segment rail volumes up 19% YoY at 1.56 lakh TEUs (YoY)
Q1 total cargo up 7.5% YoY at 109 MMT
Containers and liquids & gas led co's growth in cargo volume
Kattupalli Port handled highest ever monthly cargo volume of 1.36 MMT in June
June cargo volume up 12% YoY at 37 MMT
Source: Exchange Filing
Marksans Pharma Arm Gets UK Body Nod For Multiple Products
Arm gets marketing authorisation from UK's MHRA for multiple products
MHRA stands for Medicines and Healthcare products Regulatory Agency
Source: Exchange Filing
Nifty, Sensex Off New Highs As Private Banks Drag: Midday Market Update
The Indian benchmark stock indices erased gains from its record rally on Tuesday morning as shares of ICICI Bank Ltd. and Kotak Mahindra Bank Ltd. dragged.
As of 11:44 a.m., the NSE Nifty 50 was trading 12.30 points or 0.1% lower at 24,129.65 and the S&P BSE Sensex fell 33.61 points or 0.04% down at 79,442.58.
Intraday, the Nifty rose 0.39% to a fresh high of 24,236.35, and the Sensex rose 0.48% to a new high of 79,855.87.
The markets may want to refrain from placing long positions at this point. The long and short-position ratio, from the FII point of view, has jumped up to 83, which implies markets are at an extremely overbought space, according to Sneha Seth, senior analyst from Angel One Ltd.
Seth does not expect any sharp move at this point in time. Even if there is any strength, the move will not be smooth. So, it is preferable to trade at individual counters, she said.
ICICI Bank Ltd., Kotak Mahindra Bank Ltd., Bajaj Finance Ltd., Axis Bank Ltd., and Bharti Airtel Ltd. weighed on the Nifty the most.
HDFC Bank Ltd., Larsen & Toubro Ltd., Infosys Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. limited the losses in the index.
On the NSE, five sectors declined and seven rose. The Nifty FMCG was the worst performer and the Nifty Realty was the best-performing sector till midday.
The broader markets were trading on a mixed note as the BSE MidCap and SmallCap were trading 0.01% and 0.50% higher respectively.
On the BSE, 16 sectors advanced and four declined. Realty rose the most among its peers, while Bankex led the losses.
The market breadth was skewed in favour of the buyers as 2,226 stocks rose, 1,484 declined and 140 remained unchanged on the BSE.
Kotak Bank Falls Over 2% As Fund Set Up By Lender Used To Short Sell Adani Enterprises
Shares of Kotak Mahindra Bank fell today after Hindenburg in its response alleged that Kotak Mahindra Investment Ltd. had created and oversaw the offshore fund structure used by Kingdon to bet against Adani.
SMALLCAP World Fund Sells Stake In KEI Industries
SMALLCAP World Fund sold 2% stake in co via open market on June 28
SMALLCAP World Fund's stake in co now stands at 3%
Source: Exchange Filing
Godrej Industries Promoters To Buy RKN Enterprises Stake
Promoters to acquire 12.7% stake in co from RKN Enterprises via block deal
Source: Exchange Filing
Nifty Oil & Gas Hits Lifetime High
Shares of Adani Total Gas, Reliance, and ONGC contributed the most to the gains.
Pennar Industries Hits Record On Plans To Set-Up Plant In UP To Expand Capacity
Shares of Pennar Industries Ltd. surged over 10% to hit a record high on Tuesday after it said it is expanding its manufacturing operation in Northern India by establishing a new plant at Raebareli in Uttar Pradesh.
Shares of Pennar Industries jumped 10.25% to a record high of Rs 191.70 apiece. It pared gains to trade 5.61% higher at Rs 183.63 as of 10:23 a.m., compared to 0.04% advance in the NSE Nifty 50 index.
The stock gained 133.63% in last 12 months and 47.23% on year to date basis. Total traded volume so far in the day stood at 5.3 times its 30-day average. The relative strength index was at 65.94.
Both the analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.6%.
Zomato Hits Lifetime High
Shares of Zomato Ltd. hit it's life high on Tuesday as Morgan Stanley continue to maintain its 'overweight' rating on the company following news of Karnataka releasing a draft bill on platform-based gig workers.
Oil India Shares Surge After Bonus Issue Ex-Date
Shares of Oil India Ltd. gained nearly 8% on Tuesday after turning ex-bonus. The company's board has fixed July 2 as the record date for the issue of bonus shares in the 1:2 ratio to eligible shareholders, according to an exchange filing on May 20.
DCX Systems Bags Rs 1,250 crore Order From L&T
Shares of DCX Systems surged in today's trading session after it received an order worth Rs 1,250 crore from Larsen & Toubro for the manufacture and supply of electronic modules for three years.
Shares of DCX system rose as much as 15.97% to hit Rs 440 per share. In the last six months, the stock price has risen by 26.95% while its one year stock return stood at 71.11%.
Jefferies on IT Preview For Q1
Expect aggregate revenue growth to pick up to 0.8% QoQ CC
Likely be led by LTIMindtree and Infosys and dragged by HCLTech
Aggregate margins likely to fall by 35 bps QoQ
TCS likely to witness higher margin contraction, while Infosys witnessing higher margin expansion
Deal wins likely to be healthy
Remain selective due to rich valuations and limited demand recovery
TD Power Wins $9.28 Million Order
Gets order worth $9.28 million for gas turbine generators from US-based manufacturer
Source: Exchange Filing
Mangalore Refinery CFO Resigns
Vivek Chandrakant Tongaonkar resigns from the post of CFO
Source: Exchange Filing
JP Morgan on India IT Services
Prefers defensive stocks with dividend support such as TCS and Infosys
Also prefer high growth stocks like Persistent, Coforge, LTTS.
Surveyed 166 CIOs responsible for $123 billion in annual IT spending
IT Budgets expected to accelerate to 4.1% in CY24 from 2.7% in CY23
33% of CIOs expect to delay/defer their IT purchases in 2HCY24
This can be due to uncertain macro, geo politics, US elections
25% of CIOs expect to accelerate on tech investments
33% are reprioritizing IT spends away from legacy/systems upgrades to fund GenAI
8/11/10% of CIOs using TCS/Cognizant/Capgemini as vendors to increase IT spends respectively
Grasim Industries Hits Lifetime High Again
Allied Blenders Lists At 13.8% Premium On NSE
Shares of Allied Blenders & Distillers Ltd. listed on the National Stock Exchange on Tuesday at Rs 320 apiece, a premium of 13.8% over its issue price of Rs 281. On the BSE, the stock debuted at Rs 318.1 per share, marketing a premium of 12.12%.
Indices At Lifetime Highs
AMCs Decline After SEBI Guidelines
Shares of brokerage companies fell in early trade on Tuesday after the market regulator introduced guidelines for market infrastructure institutions to ensure fair and transparent fee structures.
The decline in shares were led by Angel One Ltd. which plunged over 10.5% during the session.
Patanjali Foods Hits Record On Buying Patanjali Ayurveda Business
Patanjali Foods Ltd. rose to life high on Tuesday as the board approved the company to buy Patanjali Ayurveda's non-food business for Rs 1,100 crore.
Nifty, Sensex Open At Record Highs As Heavyweights Lead: Opening Bell
Benchmark equity indices opened at their record highs as heavyweights led the gains, continuing gains for the second day.
At pre-open, the Nifty was at 24228.75, up 0.36% or 86.80 points and the Sensex was at 79860.82, up 0.48% or 384.63 points.
"Bullish Engulfing pattern on the daily charts indicate the presence of a strong momentum and we believe that the Index is heading toward the 24,250-24,400 zone while the support level is shifted higher at 23,940," said Aditya Gaggar, director of Progressive Shares.
Shares of HDFC Bank Ltd., Infosys Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., and Tata Consultancy Services Ltd. contributed the most to the gains.
While those of Bajaj Finance Ltd., ICICI Bank Ltd., Bajaj Auto Ltd., Sun Pharmaceutical Industries Ltd., and Titan Co. Ltd. weighed on the index.
Most sectoral indices were higher with Nifty Oil & Gas leading the gains.
Broader indices also rose S&P BSE Midcap was 0.23% up and S&P BSE Smallcap rose 0.51%.
Five of the 20 sectoral indices on the BSE fell and 15 rose. BSE IT rose the most.
Market breadth was skewed in the favour of buyers. Around 2,148 stocks rose, 783 fell and 107 remained unchanged on the BSE.
Nifty, Sensex Higher At Pre-Open
At pre-open, the Nifty was at 24228.75, up 0.36% or 86.80 points and the Sensex was at 79860.82, up 0.48% or 384.63 points.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.02%.
It closed at 7.01% on Monday.
Source: Cogencis
Rupee Weakens Against US Dollar
The local currency weakened 6 paise to open at 83.50 against the US dollar.
It closed at 83.44 on Monday.
Source: Bloomberg
D2C beauty products unicorn Purplle raises Rs 1,000 crore
Funding round led by Abu Dhabi Investment Authority
Source: Statement
Bajaj Housing Enters Affordable Housing Segment
Enters affordable housing segment with new home loan product
Source: Bloomberg
Jefferies Hikes ICICI Lombard Target
Maintains BUY, hikes target price to Rs 2090 from Rs 1950 (16% upside)
New health insurance product 'Elevate' to help ramp-up retail presence
Believes new product can get positive response from customers, agents
Believes company should push presence in retian space
Partnerships with PBFintech to help health insurance segment grow at 25% CAGR over FY24-27
Company should handle underwriting analytics well to help maintain profits
Expects premiums to grow at 17% CAGR over FY24-27
Raises earnings assumptions to factor strong growth in health insurance
Morgan Stanley Rates Zomato 'Overweight'
Rates overweight with target of Rs. 235 (upside 15%)
Karnataka releases a draft bill on platform-based gig workers
Bill is likely to be placed in the upcoming monsoon session of the state legislature
Bill requires aggregators to enter into fare contracts
Proposes a fee on either the transaction cost of each aggregator or their annual turnover in the state
State department will set up a welfare board and a welfare fund for the workers
State will have to ensure that there is no unjust dismissal of gig workers
State to ensure workers are provided with a dispute resolution mechanism
In Aug 2023 Rajasthan state assembly had passed a bill that proposed to impose a welfare fee
In June 2024, there was newsflow around Telangana launching the draft Telangana Platform ----Based Gig Workers Policy, 2024
If this policy/bill were to be implemented nationwide, it would have implications for all platform companies (e-commerce, e commerce logistics, food delivery, quick commerce, ride hailing, etc.).
Believes the incremental cost burden could be shared by all the stakeholders
Believes the bigger medium-term implication would be increased regulatory scrutiny
Believes this will create more complicated operating environment for the platform-based companies
UBS on India Industrial & Infrastructure
Expects FY25E to record sustained 86/20%/22% growth in new orders/sales/EBITDA
Electrification, defence manufacturing, mobility and energy to lead growth
Top-line growth visibility remains strong on back of strong orders in two years
Remains confident on healthy margins uptrend for short-cycle business
Maintains positive view despite expensive headline valuations
Top sector picks in order: CG Power, BEL, L&T
Maintains 'Neutral' rating on Siemens and 'Sell' rating on Cummins
Citi on Indian Auto June Sales
Overall steady volume growth; trends weak in trucks
UVs, tractors and buses witnessed healthy volume growth
Maruti and M&M saw decent uptick in UV volumes
Hero reported strong volume growth, Bajaj and TVS saw steady momentum
Disappointed by the continued weakness in truck volumes for TAMO and ASOK.
Preference order Maruti > M&M > Hero MotoCorp
Godrej Properties Sells Over 2,000 Homes In Bangalore
Sells over 2,000 homes worth Rs 3,150 crore in Bengaluru project
Source: Exchange Filing
ISMT Completes Solar Plant Installation
Completes installation of 35 MW DC capacity solar plant worth Rs 138 crore at Maharashtra
Source: Exchange Filing
Citi Raises Gujarat Gas Target But Maintains 'Sell'
Raises target to Rs 500 (previously Rs 450)
Target raised on reduction in cost of capital assumptions
New target price suggests 22% downside
Key underlying operating, financial assumptions remain unchanged
Citi Raises Indraprastha Gas Target
Maintains BUY on Indraprastha Gas
Raises target to Rs 610 (previously Rs 550)
Target raised on reduction in cost of capital assumptions
New target price suggests 16% upside
Key underlying operating, financial assumptions remain unchanged
Citi on Global Metals & Mining
India one of the top-3 importers of coking and thermal coal
India share for global seaborne demand of coking and thermal coal at 15-17%
Coal inventories at Indian power plants up 32% YoY
June-end inventories down 2.5% MoM, less than normal seasonality
Absolute level of inventories only 11% lower than previous peak
Global Cues
U.S. Dollar Index at 105.88
U.S. 10-year bond yield at 4.45%
Brent crude up 0.28% at $86.84 per barrel
Nymex crude up 0.20% at $83.55 per barrel
Bitcoin was down 0.50% at $62,919.82
GIFT Nifty traded flat at 24,260.50 as of 7:39 a.m.
F&O Cues
Nifty July futures up by 0.34% to 24,212 at a premium of 70 points.
Nifty July futures open interest up by 3%.
Nifty Bank July futures up by 0.32% to 52,700 at a premium of 125 points.
Nifty Bank July futures open interest up by 3.3%.
Nifty Options July 4 Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 24,000.
Bank Nifty Options July 3 Expiry: Maximum Call Open Interest at 53,000 and Maximum Put open interest at 50,000.
Securities in ban period: The India Cements and Indus Tower
Trading Tweaks
Price band changes from 10% to 5%: Solara Active Pharma Sciences.
Price band changes from 20% to 10%: Exicom Tele-Systems, Black Box, GRP.
Ex/record Dividend: Epigral.
Ex/record AGM: Epigral, Automotive Stampings and Assemblies.
Ex/record buyback: Bajaj Consumer Care.
Ex/record bonus: Oil India.
Moved to a short-term framework: Black Box.
Moved out short-term framework: Chambal Fertilisers & Chemicals, Johnson Controls, Hitachi Air Conditioning India.
Bulk Deals
Nazara Technologies: TIMF Holdings bought 12 lakh shares (1.56%) at Rs 872 apiece. On the other hand, Parijata Trading Private Limited, Gyaana Retreat & Services Private Limited and Fashions Brands (India) sold 6 lakh shares (0.78%) at Rs 872 apiece.
SG Finserve: Sixteenth Street Asian Gems Fund sold 10.44 lakh shares (1.86%) at Rs 400.19 apiece, while Sanjay Garg bought 8.5 lakh shares (1.52%) at Rs 396.34 apiece.
EFC (I): Societe Generale bought 3.5 lakh shares (0.7%) at Rs 565 apiece, while Black Hawk Properties Private Limited sold 2.5 lakh shares (0.5%) at Rs 565 apiece.
Krishna Defence and Allied Industries: Credent Asset Management Services Private Limited Pms A/C Orbis0000154 sold 0.99 lakh shares (0.86%) at Rs 1048.54 apiece.
Veranda Learning Solutions: Ujwal Kumar Pagariya bought 4 lakh shares (0.56%) at Rs 240.77 apiece.
Religare Enterprises: Plutus Wealth Management LLP sold 71 lakh shares (2.15%) at Rs 239.05 apiece, while Societe Generale bought 50.5 lakh shares (1.53%) at Rs 239 apiece.
Listing
Allied Blenders and Distillers: The company's shares will debut on the stock exchanges on Tuesday at an issue price of Rs 281 apiece. The Rs 1,500-crore IPO was subscribed to 23.55 times on its third and final day. Bids were led by institutional investors (50.37 times), retail investors (4.51 times), non-institutional investors (32.40 times), and a portion reserved for employees (9.89 times).
Stocks to Watch
NMDC: The company reported production volume at 3.37 million tonnes down 3.2% YoY and Sales volume at 3.73 million tonnes down 9% YoY for the month of June. The company set Lump ore prices at Rs 5,959 per ton and fines at Rs 5,110 per tonne.
Asset management companies: SEBI has asked stock exchanges and other market infrastructure institutions to charge all its members uniformly and not offer discounts based on trading volumes or activity.
Patanjali Foods: The board of Patanjali Foods approved the proposal to buy Patanjali Ayurved's non-food business for Rs 1,100 crore. Payment is to be done in 5 tranches of 20%, 20%, 45%, 10%, and 5%.
JTL Industries: The company reported sales volume up 10.8% at 85,674 million tonnes for the end of Q1 FY25.
South Indian Bank: The company reported gross advances up 11.4% at Rs 82,510 crore YoY, deposits up 8.4% at Rs 1.04 lakh crore YoY, and the CASA ratio at 31.87% vs. 32.64% YoY for Q1 FY25.
CSB Bank: The company reported gross advances up 17.8% at Rs 25,099 crore YoY while deposits were up 22.2% at Rs 29,920 lakh crore YoY for the end of Q1 FY25.
Gandhar Oil Refinery (India): The company’s unit received a three-year contract worth Rs 375 crore from ADNOC Distribution. The contract quantity is estimated to be 30 million litres per year.
DCX Systems: The company received an order worth Rs 1,250 crore from Larsen & Toubro for the manufacture and supply of electronic modules for three years.
Deepak Fertilisers and Petrochemicals: The company received the NCLT nod for the scheme of arrangement between Mahahdhan AgriTech, Deepak Mining Solutions, and Mahadhan Farm Technologies.
JK Cement: Sumnesh Khandelwal resigned as deputy CFO effective July 1.
Pennar Industries: The company is to set up a PEB manufacturing plant in Raebareli in Q2 and to have a production capacity of 36,000 MTPA.
BLS International Services: The company unit received the Turkish Regulatory Authority's nod for the acquisition of iData.
Maruti Suzuki India: The company reported production volumes down 3% to 1.33 lakh units YoY for the month of June.
Sakuma Exports: The company approved a bonus issue of shares in the ratio of 4:1, raised up to Rs 500 crore via QIP and approved an investment of Rs 600 crore in its subsidiaries.
Laxmi Organic Industries: Tanushree Bagrodia resigned as CFO effective Sept. 2 and Mahadev Karnik will take over as the new CFO effective Sept. 3.
IOL Chemicals and Pharmaceuticals: The company received the China regulatory body's approval for the company’s fenofibrate product. This approval will enable the company to export its fenofibrate API to China's market.
Ganesha Ecosphere: The company’s unit commenced operations of its third production line of rPET chips at its Warangal facility in Telangana.
CAMS: The company partnered with Google Cloud to build a cloud-native platform for its asset management business services.
Auto Sales Data
Tata Motors: Total domestic sales are down 8% year-on-year at 74,147 units in June. Total commercial vehicle sales were down 7% at 31,980 units, total PV sales were down 8% at 43,624 units and total EV sales were down 34% at 4,657 units. The company reported FY25 Q1 sales data in which total domestic sales were up 2% year-on-year at 2.25 lakh units, total CV sales were up 6% at 91,209 units, total PV sales were down 1% at 1.40 lakh units and total EV sales were down 14% at 16,579 units.
TVS Motor: Total sales were up 5% year-on-year at 3.33 lakh units in June. 2-wheeler sales went up 6% at 3.22 lakh units, motorcycle sales up 3% at 1.52 lakh units, scooter sales up 6% at 1.28 lakh units, EV sales up 10% at 15,859 units and total exports down 4% at 76,074 units.
Hero MotoCorp: The total sales went up 15% year-on-year to 5.03 lakh units in June. Domestic sales were up 16% at 4.91 lakh units, exports were down 15% at 12,032 units, and motorcycle sales were up 17% at 4.73 lakh units for the month of June.
Eicher Motors: Total motorcycle sales were down 5% year-on-year at 73,141 units in June, while motorcycle exports were down 27% year-on-year at 7,024 units for the month of June.
GIFT Nifty Trades Above 24,200
The GIFT Nifty was trading 26.5 points or 0.11% lower at 24,245 as of 07:12 a.m.
Markets in the Asia-Pacific region logged losses on Tuesday morning, ignoring overnight gains in the US stocks as investors worried about the outcome of the presidential election.
The Japanese yen hit a new 38-year low of 161.73 against the US dollar Monday, feeding into traders' expectation of authorities' intervention in the currency market. The Nikkei was 7.47 points or 0.02 lower at 39,623.59.
The Kospi and S&P ASX 200 were trading 0.81% and 0.03% lower as of 06:48 a.m.
The US bond market experienced a downturn as traders considered the potential economic impact of the upcoming US presidential election in November.
The S&P 500 and the Dow Jones Industrial Average rose 0.13% and 0.27% respectively as of Monday. The Nasdaq Composite settled 0.83% higher.
Brent crude was trading 0.15% higher at $86.73 a barrel. Gold rose 0.01% to $2,332.21 an ounce.
The Indian benchmark indices recouped losses from last session and closed at all-time highs on Monday, tracking gains in shares of HDFC Bank Ltd. and Infosys Ltd.
The NSE Nifty 50 ended at 131.35 points or 0.55% higher at 24,141.95, and the S&P BSE Sensex settled at 443.46 points or 0.56% up at 79,476.19.
Overseas investors remained net sellers of Indian equities on Monday. Foreign portfolio investors offloaded stocks worth Rs 426 crore, while domestic institutional investors remained net buyers and mopped up equities worth Rs 3,917.4 crore, according to provisional data from the National Stock Exchange.
The Indian currency weakened 5 paise to close at 83.44 against the US dollar.
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