Sensex, Nifty open at fresh record highs
The Indian benchmark equity indices, Sensex and Nifty opened at fresh record highs with all the sectoral indices in green. At 9:15, Sensex opened 0.27% higher at 58,881.04 while Nifty opened 0.11% up at 17,539.20.
Broader markets supported the rally as smallcap and midcap indices both gained half a percent in the morning trade.
Oil falls but holds on to gains
Oil prices fell but kept previous day’s gains after a larger-than-expected fall in crude oil stocks in the U.S., Reuters reported.
Brent crude fell 0.2% to $75.33 a barrel after settling up 2.5% the previous day while U.S. West Texas Intermediate was down 0.2% to $72.49 after settling 3.1% higher on Wednesday.
The Energy Information Administration said U.S. crude oil and fuel stockpiles dropped sharply last week as refiners in the U.S. Gulf region were still recovering from Hurricane Ida.
Asian shares fall
Asian shares fell weighed by declines in Hong kong and China despite a strong lead-in from Wall Street, Reuters reported.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.45%, Japan’s Nikkei was down 0.47%, and, Hong Kong benchmark dropped 0.42%. Chinese blue chips also lost 0.66% after economics data missed expectations.
“It’s a bit choppy and uncertain at present, we’ve had a few soft days on the back of worries about global growth and then suddenly markets, at least U.S. markets, conclude ‘it’s not that bad after all’,” Shane Oliver, chief economist at AMP Capital told Reuters.