Markets: Sensex, Nifty flat in pre-open; indicate silent start
– World Affairs SRS
live market updates: Benchmark indices indicated a flat start on Wednesday as the BSE Sensex was down 10 points at 59,845, while the NSE Nifty was also nearly 3 points lower at 17,802 in the pre-open session.
Live Market Updates: Benchmark indices may open weak on Wednesday amid mixed global market cues and rapidly increasing cases of Kovid-19 in the country. At 8:00 am, SGX Nifty January futures were quoted at 17,805, indicating a muted start.
Stock specific action is likely to determine the market trend. Among individual stocks, GAIL will be in focus today when IL&FS Group sold its 26 per cent stake in ONGC Tripura Power Company (OTPC) to GAIL (India) for Rs 319 crore. Moreover, Future Retail may also remain in the limelight as the Delhi High Court has dismissed its plea to quash the arbitration proceedings in Singapore.
Pharma major Dr Reddy’s may also have an eye as the company has launched anti-Covid pill Molnupiravir under its brand name Molflu.
US markets closed with a mixed trend amid selective profit-booking. The Dow Jones gained 0.6 per cent, while the S&P 500 and Nasdaq lost 0.1 per cent and 1.3 per cent, respectively.
Meanwhile, oil prices rose to their highest level since November 2021, even as OPEC+ agreed to stick with its planned production increase in February, due to the Omicron version of the only one on demand. Cited a mild effect. On Tuesday, Brent crude rose 1.3 per cent to $80 a barrel and WTI crude rose 1.2 per cent to $76.99 a barrel.
Major markets in Asia fell mostly this morning. Kospi was down more than one per cent. The Hang Seng and Shanghai Composite were down more than 0.5%. Taiwan was also down 0.1 per cent. However, the Straits Times rose 0.4 per cent and the Nikkei remained flat.
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