Sensex hits 57,000, Nifty above 16,950
Indian benchmark equity indices continued their good run, opening at fresh record high. Sensex topped 57,000 for the first time while Nifty was above 16,950.
At 9:17 IST, Sensex was up 0.22% at 57,017.13 and Nifty was up 0.23% at 16,970.20. Gains were seen in IT, pharma, FMCG and realty indices.
Oil falls as Hurricane causes damage
Oil prices plunged on concerns that power outages and flooding in Louisiana due to Hurricane Ida will cut crude demand from refineries amid global producers’ plan to raise output, Reuters reported.
U.S. West Texas Intermediate (WTI) crude futures fell 41 or 0.6%, to $68.80 a barrel. Brent crude futures for October, due to expire on Tuesday also fell 0.6% to $72.95 a barrel and November contract plunged 0.6%, to $71.81.
“With companies currently assessing damages, a current timeline for how long shuttered capacity will be down is still uncertain,” RBC analysts said in a note seen by Reuters.
Asian markets open lower
Asian stocks opened lower on Tuesday after concerns about China’s slowing economic growth and regulatory changes weighed on consumer sentiment, Reuters reported.
MSCI’s Index of Asia-Pacific stocks outside Japan fell 0.25%, while Japan’s Nikkei plunged more than 0.3%. Hong Kong’s Hang Seng Index opened 0.1% lower and China’s CSI 300 Index opened down 0.2%.
“Chinese tech sector is under pressure. Divergence should continue when market faces a lot of uncertainties over Chinese policies,” Edison Pun, senior market analyst at Saxo Markets told Reuters.