MUMBAI: Markets are likely to be weak on Tuesday while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 52,735.59, down 189.45 points or 0.36%. The Nifty was at 15,814.70, down 45.65 points or 0.29%.

Finance minister Nirmala Sitharaman on Monday announced a relief package targeting healthcare, tourism, exports and job creation to support the economy that is struggling to recover from the pandemic’s second wave. The total package, which will be implemented over several years, works out to Rs6.29 trillion, including two initiatives announced already—additional fertilizer subsidy and free foodgrain supply to the vulnerable sections of society till November.

General Insurance Corporation of India, Indian Railway Catering and Tourism Corporation, Indian Railway Finance Corporation, Ruchi Soya Industries, NBCC (India), Suzlon Energy and Rail Vikas Nigam are among key companies that will announce their March quarter results today.

The Securities and Exchange Board of India (Sebi) on Monday said it has put in abeyance the IPO approval process of no-frills carrier Go Airline (India) Ltd and Aditya Birla Sun Life AMC.

Amazon.com and Walmart Inc.’s Flipkart unit plan to oppose the new draft e-commerce rules that these companies believe will be detrimental to Indian customers who are increasingly embracing online shopping and the industry’s growth, according to a Mint report.

In global markets, Asian stocks opened lower after the reflation trade fizzled in the US amid new travel curbs in some parts of the world. Treasuries and the dollar were steady after gains.

Japan underperformed, while Australia and South Korea had more modest declines. US futures dipped after technology stocks led US benchmarks to fresh records Monday. But cruise operators and airlines sank as governments from Europe to Asia imposed new limits on travel from Britain—which is seeing a spike in coronavirus cases.

The Treasury yield curve flattened amid month-end index rebalancing and the break in auctions until July 12, reducing supply. Oil held a drop with the market expecting Opec producers to increase supply at an upcoming meeting. Bitcoin was steady around mid-$34,000.

With global stocks poised to close out their fifth quarterly advance amid a worldwide vaccine rollout, the debate over elevated valuations has returned. The S&P 500 is trading above the average of the past decade and demand for protection against losses in coming months has risen in the options market. The first half of the year has also been market by increasing concerns about prices pressures that has led central banks to debate pulling back stimulus measures.

Meanwhile, the US is now the best place to be during the pandemic due to its fast and expansive vaccine rollout stemming what was once the world’s worst outbreak. Parts of the Asia-Pacific region that performed well in the ranking until now—like Singapore, Hong Kong and Australia—dropped as strict border curbs remain in place and a zero-tolerance approach to small virus flareups limit their ability to reopen.