Sensex, Nifty Set To Decline; Yes Bank, Britannia, RailTel, Nestle, Coal India In Focus

The dollar rallied, bond yields rose, and Asian shares slid amid unrelenting pressure on risk-sensitive assets as fears of faster inflation and global recession continued to rise.

The pound led declines among major currencies on Monday, slumping to a record low as the U.K. Chancellor vowed to press on with the tax cuts that threaten to stoke inflation. The euro fell as investors weighed prospects of Italy under the most right-wing government since World War II.

Shares dropped in Japan and Australia while an index of global stocks plumbed to new lows for the year. The U.S. and European stock futures fell, while equities in Hong Kong fluctuated.

At 7:25 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — traded 0.9% lower at 17,176.5 points.

A dollar gauge rose to a record high. The yen slid, while remaining short of the point last week that drew intervention from Japanese authorities.