Sensex Today: Stock Market Live Updates: Sensex climbs 550 points, Nifty50 at 16,750;
Watch this space as we bring you LIVE updates of the day’s proceedings from Dalal Street.
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All sectors trade in the green
Top Sensex contributors in opening trade
OPENING BELL: Sensex climbs 450 points, Nifty50 at 16,740; Wipro, Tata Steel rise 2% each
Pre-open session: Sensex jumps 500 points, Nifty above 16,750
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 163 points, or 0.98 per cent, higher at 16,821, signaling that Dalal Street was headed for a positive start on Tuesday.
Tech View: Nifty’s recovery will be vulnerable to sell-off
The Nifty50 on Monday plunged over 2 per cent and broke its immediate support levels to come near overbought levels. Analysts said major support levels for the index lies near its 200-DMA. Recovery, if at all, would be vulnerable to sell-offs, they said. As long as the index remains below 16,800, any recovery would be sold into, says Chandan Taparia of Motilal Oswal Securities. He felt that further weakness could be seen towards 16,400 and 16,200 levels.
Dollar on back foot as treasury yields soften
The dollar hovered below recent highs on Tuesday having lost ground overnight after a blow to Democratic spending plans in Washington, but worries about the Omicron coronavirus variant kept risk currencies in check. The dollar index, which measures the currency against six major peers, was last at 96.513, having lost ground on both the euro and the yen.
Oil edges higher but investor worries on Omicron spread remain
Oil prices edged higher on Tuesday, though investors remained worried about the rapid spread of the Omicron coronavirus variant globally, prompting countries to consider more restrictions potentially denting fuel demand. Brent crude futures increased by 9 cents, or 0.1%, to $71.61 a barrel by 0105 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose by 23 cents, or 0.3%, to $68.84 a barrel.
Hong Kong shares begin day with gains
Hong Kong stocks opened slightly higher Tuesday morning on bargain-buying after two days of hefty losses, though traders remain spooked over the fast-spreading Omicron virus variant. The Hang Seng Index edged up 0.22 percent, or 50.71 points, to 22,795.57. The Shanghai Composite Index slipped 0.06 percent, or 2.15 points, to 3,591.45, while the Shenzhen Composite Index on China’s second exchange also eased 0.06 percent, or 1.40 points, to 2,477.02.
Japan stocks open higher on bargain-hunting
Tokyo stocks opened higher on Tuesday with investors seeking bargains after a sharp fall in the previous session, shrugging off a rout on Wall Street. The benchmark Nikkei 225 index was up 1.45 percent or 404.69 points at 28,342.50 in early trade, while the broader Topix index was up 1.25 percent or 24.20 points at 1,965.53.
Rupee firms up 16 paise to 75.90 against dollar on easing crude prices
rupee notched up gains for a third straight session on Monday, rising further by 16 paise to settle at 75.90 (provisional) against the US dollar as easing crude oil prices revived an otherwise lacklustre sentiment. Massive sell-offs in domestic equities, sustained foreign fund outflows and concerns around Omicron variant of coronavirus were a host of factors restricting rupee gains, forex traders said.
Wall Street ends lower on Omicron, Biden spending plan setbacks
US stocks ended trading on Monday down by more than 1%, pressured lower by surging Omicron coronavirus cases and a possible fatal blow to a $1.75 trillion US domestic spending bill, with oil prices plunging. The Dow Jones Industrial Average closed 1.23% lower at 34,932.16, while the S&P 500 ended the day down 1.14% at 4,568.02. The Nasdaq Composite dropped 1.24% to 14,980.94.
Sensex, Nifty on Monday
Investors have lost a hefty Rs 11,45,267.43 crore in two days as the domestic equity market continued to face severe drubbing amid a global selloff. The BSE benchmark Sensex plunged 1,189.73 points or 2.09 per cent to close at 55,822.01 on Monday. During the day, it tanked 1,879.06 points to 55,132.68. The benchmark had tumbled 889.40 points or 1.54 per cent to close at 57,011.74 on Friday.