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Benchmark indices started on a flat note on Tuesday as global sentiment remains subdued amid a sharp rally in oil prices again. At 09:16 IST, the Sensex was down 135.42 points or 0.24 per cent at 57157.07, and the Nifty was down 29.10 points or 0.17 per cent at 17088.50. About 1066 shares have advanced, 758 shares declined, and 99 shares are unchanged.
Among the Sensex-30 shares, Tata Steel, Wipro, TCS, Tech M, HCL Tech, Dr Reddy’s were among the handful of top gainers, meanwhile, HUL, Neslte, Ultractech Cement, Asian Paints, Axis Bank, IndusInd Bank, and HDFC twins were the top losers.
Meanwhile, HUL, Neslte, Ultractech Cement, Asian Paints, Axis Bank, IndusInd Bank, HDFC twins, Britannia, and Grasim were the top laggards on the bourses.
In the broader markets, the BSE MidCap and SmallCap indices were mixed with the former down by 0.2 per cent, and the latter in green with equal gains.
Sectorally, Nifty Bank, Auto FMCG, financials, Realty were all in red with losses between 0.5-1 per cent. On the other hand, Oil & Gas, IT and Metal indices were putting up a strong show, trading up to 1.5 per cent.
Among stocks, oil companies held strong gains as crude oil is hovering around highs of $120 a barrel, while state oil retailers have also hiked petrol and diesel prices from today, which is supporting the upmove. ONGC, Oil India, Hind Petroleum, BPCL, Indian Oil, Adani Total Gas were up between 1-4 per cent.
Global Cues
Hong Kong stocks opened higher Tuesday following a tepid lead from Wall Street as Federal Reserve boss Jerome Powell sounded a hawkish note on monetary policy while traders continue to keep an eye on the Ukraine war. The Hang Seng Index added 0.46 per cent, or 97.85 points, to 21,319.19. The Shanghai Composite Index eased 0.13 per cent, or 4.14 points, to 3,249.54, while the Shenzhen Composite Index on China’s second exchange dipped 0.22 per cent, or 4.65 points, to 2,155.89.
Tokyo shares opened higher on Tuesday after a three-day weekend, despite falls of US shares on oil prices and the Fed’s hawkish comments on inflation. The benchmark Nikkei 225 index climbed 0.98 per cent or 263.89 points to 27,091.32 at the open, while the broader Topix index added 0.72 per cent or 13.66 points to 1,922.93.
US stocks capped a day of choppy trading on Wall Street with a modestly lower finish Monday, giving back some of their recent gains after the major indexes notched their best week in more than a year. The S&P 500 slipped less than 0.1% after giving up an early gain and bouncing around for much of the day. The Dow Jones Industrial Average fell 0.6 per cent, while the Nasdaq composite slid 0.4 per cent. In remarks at the National Association of Business Economists, Fed Chair Powell said the Fed would raise its benchmark short-term interest rate by a half-point at multiple Fed meetings, if necessary, to slow inflation.
Oil futures extended gains on Tuesday morning on news that some European Union members are considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market. Front-month West Texas Intermediate futures were up $2.21, or 1.97 per cent, to $114.33 a barrel on NYMEX and Brent futures were up $2.51, or 2.26 per cent, to $118.23 a barrel on the Intercontinental Exchange.
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