India's financial markets, including equity, bond, commodities and forex markets,  are closed on Tuesday on account of Republic Day.

Indian equity market settled in negative territory on Monday dragged by Reliance Industries and IT stocks. Pharma stocks bucked the weak market trend. The benchmark index, the BSE Sensex, tumbled 530.95 points or 1.09% to 48,347.59. The Nifty 50 index lost 133 points or 0.93% to 14,238.90.

Sellers outpaced buyers. Trading was volatile ahead of the monthly derivatives expiry on Thursday and the upcoming Union Budget. Meanwhile, the slow pace of the COVID-19 vaccine rollout allied with sparring by the US lawmakers over President Joe Biden's proposed USD 1.9 trillion COVID-19 relief plan worried investors as they imposed significant risks to the global economic recovery from the pandemic.

European markets declined while most Asian markets rise on Monday as investors around the world track developments on the coronavirus pandemic, and plans for U.S. stimulus measures.

Amid the pandemic, China piped the United states. as the world's largest recipient of FDI (foreign direct investment), according to a report released Sunday from the United Nations Conference on Trade and Development. China brought in USD 163 billion in inflows last year, compared to USD 134 billion attracted by the U.S., according to the report.

Developments around COVID-19 are likely to be watched by investors, as the world races to adapt against the mutating coronavirus which has produced a number of potentially more infectious variants.

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