The Indian equity benchmarks are set to stage a gap down opening as indicated by the Nifty Futures traded on the Singapore Exchange. Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures fell 0.5 per cent or 88 points to 17,358 amid weak cues from global markets. Asia stocks were mostly lower on Tuesday, tracking a retreat on Wall Street after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term, reinforcing expectations the U.S. will taper its stimulus soon.

MSCI’s gauge of Asia Pacific stocks outside Japan fell 0.49 per cent, while Hong Kong’s Hang Seng Index and China’s benchmark CSI300 Index opened 1.1 per cent and 0.2 per cent lower, respectively.

Australia’s S&P/ASX 200 outperformed with a 0.55 per cent gain, boosted by miners and energy stocks. Japanese markets were closed for a public holiday.

Overnight on Wall Street, the S&P 500 and Nasdaq Composite retreated from all-time highs after President Biden tapped Powell to continue as Fed chair, and Lael Brainard, the other top candidate for the job, as vice chair.

Back home, foreign institutional investors (FIIs) sold shares worth Rs 3,439 crore on Monday while domestic institutional investors bought shares worth Rs 2,051 crore.

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