Sensex Rises Over 300 Points, Nifty Trades Above 17,180

The Indian equity benchmarks edged higher on Tuesday, December 28 led by gains in ONGC, Asian Paints, HCL Tech. As of 9:28 am, the Sensex was up 326.62 points at 57,746.86, while the Nifty gained 88,55 points to 17,174.80.

On Wall Street, the Dow Jones Industrial Average rose 0.98 per cent, while the S&P 500 gained 1.38 per cent after hitting a record high during the session. The Nasdaq Composite added 1.39 per cent. 

The S&P 500 ended at a record high on Monday after US retail sales data eased worries from the infectious Omicron coronavirus variant, which has forced thousands of flight cancellations and stranded cruise ships.

The pan-European STOXX 600 index rose 0.62 per cent, nearing its highest level in over a month. 

In Asia, China reported its highest daily rise in local COVID-19 cases in 21 months as infections more than doubled in the northwestern city of Xian, its latest hotspot. The Japanese currency weakened as far as 114.935 yen per dollar for the first time since November 26, approaching the year-to-date low of 115.525.

In foreign exchange markets, the safe-haven US dollar was rangebound, despite a hawkish turn at the Federal Reserve this month that saw policymakers signal three quarter-point rate hikes in 2022. The dollar index fell 0.026 per cent, with the euro up 0.01 per cent to $1.1326.

In the crude market, U.S. crude recently rose 3.04 per cent to $76.03 per barrel and Brent was at $78.94, up 3.68 per cent on the day.

Globally, oil gained more ground on Tuesday with prices trading close to last session’s one-month high on expectations that the Omicron coronavirus variant will have only a limited impact on global demand.

Oil prices have risen around 50 per cent this year, supported by recovering demand and supply cuts by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.

Shares of Supriya Lifescience will debut on the stock markets today. The Rs 700-crore initial public offer (IPO) was subscribed 71.47 times by the end of its bidding process. The IPO had a fresh issue of up to Rs 200 crore and an offer for sale of up to Rs 500 crore. The company sold shares in the price band of ₹ 265-274 per equity share. 

For all the latest business News Click Here 

Read original article here

Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.