Global cues, oil prices subdue equity indices; IT stocks decline

by IANS |

Mumbai, Oct 12 (IANS) Weak global cues as well as rising crude oil prices subdued India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- during Tuesday's mid-afternoon trade session.

Globally, stock markets weakened following a decline in the US overnight as rising crude oil prices accelerated concerns about prolonged inflation and monetary policy tightening.

Among sectors, consumer durables and realty have gained the most, whereas, IT and Telecom have lost the most.

Consequently, the 30- scrip sensitive index traded at 60,181.97 points, around 2.30 p.m., up 46.19 points or 0.077 per cent from its previous close.

Besides, the NSE Nifty50 ended at 17,966.05 points, up by 20.10 points or 0.11 per cent.

"Nifty opened higher and made an intraday high during the first 10 minutes of the day. It later fell in line with other Asian markets and made low in noon," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"A gradual recovery followed. Volumes on the NSE are in line with the recent average and the advance decline ratio is even."

According to Gaurav Garg, Head of Research, CapitalVia Global Research:

"Traders were cautious as a private report stated that the Reserve Bank is likely to change the stance of its monetary policy and hike rates from the first quarter of 2022."

"Some concern also came after the World Bank said that the debt burden of the world's low-income countries rose by 12 per cent as countries responded to the Covid-19 crisis with massive fiscal, monetary and financial stimulus packages."

Latest News
FIR against Omicron-positive S African national for fleeing Bengaluru Tue, Dec 07, 2021, 08:11 PM
Amicus Curiae to look into mosquito menace in Delhi Tue, Dec 07, 2021, 08:08 PM
Sand mafia in Punjab worth Rs 20,000 crore: Kejriwal Tue, Dec 07, 2021, 08:05 PM
Geospatial sector set to grow almost 14%, experts call for forward looking policy Tue, Dec 07, 2021, 08:03 PM
India is not one economy but aggregate of economies: Meenakshi Lekhi Tue, Dec 07, 2021, 08:00 PM
Verdict in 29 days: Death penalty to rape and murder convict Tue, Dec 07, 2021, 07:58 PM
Drugs worth over Rs 508 cr seized in Manipur, one Myanmarese held Tue, Dec 07, 2021, 07:56 PM
Action initiated to set up genome sequencing labs in Karnataka: Bommai Tue, Dec 07, 2021, 07:53 PM
Congress seeks probe into illegal construction at UNESCO-endorsed church Tue, Dec 07, 2021, 07:48 PM
Lawyer files complaint against JNUSU over Babri Masjid protest march Tue, Dec 07, 2021, 07:46 PM
KMC polls: No need for central forces, SEC tells Raj Bhawan Tue, Dec 07, 2021, 07:43 PM
Accused in fake certificate racket arrested in J&K Tue, Dec 07, 2021, 07:41 PM
Amarinder lashes out Congress over Maken's appointment Tue, Dec 07, 2021, 07:39 PM
Magician drives vehicle blindfolded to 'open Vijayan's eyes' Tue, Dec 07, 2021, 07:37 PM
Omicron positive doctor in Karnataka again tests Covid positive Tue, Dec 07, 2021, 07:35 PM