After Wall Street’s tech-driven gain, Asian stocks sank and oil prices rose on Tuesday. The market was quiet since several markets across the world, including China, were closed for the New Year’s vacation.
A two-session winning run for BSE and NSE benchmark equity indexes came to an end yesterday, with the HDFC twins – Housing Development Finance Corporation (HDFC) and HDFC Bank weighing on the markets. It ended at 60,176.50 for the S&P BSE Sensex and 17,957.40 for the Nifty 50 after losing 435.24 points (0.72 percent) each. Despite starting the session on a somewhat lower tone, both indexes continued to lose ground over the course of the day. There were a number of companies that underperformed on Tuesday, but the BSE benchmark saw the biggest winners and biggest losers: HDFC, Bajaj, Finserv, HDFC, Kotak Mahindra, IndusInd and Reliance Industries.
With negative global trends and significant selling in banking and IT equities, today’s benchmark BSE Sensex fell 566 points to close below the 60,000-level. As of this writing, the BSE 30 share index was down 566.09 points or 0.94% to close at 59,611.41. It fell 666.66 points, or 1.10 percent, to 59,509.84 throughout the course of the day. It dropped 149.75 points, or 0.83 percent, to close at 17,807.65 on the NSE. Axis Bank and Kotak Mahindra were two of the worst performers in the 30-share pack. HDFC Bank and HCL Technologies were two of the worst performers in the 30-share pack. On the other hand, companies such as NTPC, Tata Steel, Power Grid, BhartiAirtel, Nestle, and Larsen & Toubro saw their shares rise.
“Investors’ anticipation of a tougher interest rate rise by the Fed spurred domestic stocks to close lower,” says Mitul Shah, Head of Research at Reliance Securities. To end the day at 60,176.50, the BSE Sensex fell 475.24 points, or 0.72%, to close the day. Similar to the Sensex, the NSE Nifty fell 96 points, or 0.53 percent, to 17,957 40 rupees. The worldwide crude oil benchmark Brent crude rose to USD 107.6 per barrel, up 0.93 percent. Hong Kong, Tokyo, and Seoul’s stock exchanges all closed down, while Shanghai’s closed higher. On Tuesday, the indices in the United States likewise closed lower.
The price of crude oil futures rose as a result of increased demand in the market.
Due to strong market demand, crude oil prices jumped 141 rupees to Rs 7,856 per barrel on Tuesday. Crude oil for April delivery traded at Rs 7,856 per barrel in 5,389 lots on the Multi Commodity Exchange, an increase of Rs 141 or 1.83 percent. Participants’ increased bets, according to analysts, maintained crude oil futures prices higher.
In the early going, the rupee and the dollar are trading in a limited range.
The dollar’s strength in the international market and rising crude oil prices weighed on the rupee, which began the day flat. Against the US dollar, the rupee began at 75.54 and has since traded in a limited range. In the first trades, it hit a high of 75.47. The rupee began the fiscal year 2022-23 on a positive note on Wednesday. A one-month high of $75.53 was reached, a gain of 21 paise. For more interesting trending news, follow Indian People Times today!
