Stock Market Live: Sensex and Nifty up: I T, FMCG stocks boost gains

Stock Market Live: Indian indices were trading higher on Tuesday, in a volatile session, boosted by gains in IT, FMCG and financials. The Banking index also trimmed losses to recover a bit further lifting the benchmarks. Meanwhile, the metal sector continued to fall over a percent.

Oil falls amid stockpiling concern; European vaccine woe threatens demand

Oil prices fell on Tuesday, extending declines for a third day, as concerns about rising stockpiles in the United States added to the threat to demand posed by countries including Germany and France halting COVID-19 vaccinations. Brent crude was down 58 cents, or 0.8%, at $68.30 by 0041 GMT, having dropped 0.5% on Monday. U.S. crude was down 61 cents, or 0.9%, at $64.78 a barrel, after declining 0.3% in the previous session. Germany, France and Italy plan to suspend AstraZeneca PLC COVID-19 injections after reports of possible serious side effects, although the World Health Organization said there was no established link to the vaccine. These moves are deepening concerns over a slow pace of vaccinations in the region, which may delay any economic recovery from the pandemic in one of the hardest-hit areas.

Take a look at how the global market performed overnight

High US yields may not be negative for the Indian market, says market expert Adrian Mowat

Emerging equity markets strategist Adrian Mowat believes that the US 10-year yield can hit 2.5 percent over the next 12 months. He said that the high US yields may not be negative for the Indian market. He said, “I don’t see any conceptual reason why the US bond yields shouldn’t be 2.5 percent within the next 12 months. I don’t think it is a particular headwind for India. India will be benefitting from the fact that we have a better global outlook. The fact that bond yields are moving to what will still historically be a very low level if we are talking about 2.5 percent should not be an impairment for economic activity

SGX Nifty trades around 15,000 Vs Nifty March Fut’s previous close of 14,968

First up, here is quick catchup of what happened in the markets on Monday

Indian indices trimmed some intra-day losses but ended on a negative note as US bond yields continued to hover near their 13-month peak. Banking, Financial and pharma sectors mainly dragged the benchmarks while IT and metal indices recovered from day’s low to end in the green. The Sensex ended 397 points lower at 50,395 while the Nifty fell 101 points to settle at 14,929. Broader markets were inline with benchmarks with the midcap and smallcap indices down 0.5-1 percent each. On the Nifty50 index, JSW Steel, Tech Mahindra, Tata Steel, Hindalco and Powergrid were the top gainers.

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