Stock Market LIVE Updates: Sensex falls over 100 points, Nifty50 near 17,350; Paytm rises 2%:RIL restructuring on:
Indian equity benchmarks Sensex and Nifty50 recovered initial losses after a weak opening on Thursday, amid weakness across most other Asian markets. Gains in IT and pharmaceutical shares were offset by weakness in financial and metal counters. Broader markets suffered minor losses in early deals, with the midcap and smallcap indices down 0.1-0.2 percent respectively. Analysts expect volatility to continue ahead of the expiry of monthly derivatives contracts due by the end of the session.
Sensex rises over 200 points from day’s low as the market recovers initial losses: Swings:
The 30-scrip index rose as much as 239.6 points from the day’s low at 58,199.5 to touch 58,439.1 on the upside in the first few minutes of trade. The Nifty50 moved to as high as 17,454, having slid to as low as 17,375.1 earlier.
Asian shares trade lower as the dollar marches on
Asian shares wobbled lower on Thursday, hurt by the US dollar which continued to march higher as investors bet on interest rates rising more quickly in the US than in other major economies such as Japan and the eurozone. MSCI’s broadest index of Asia-Pacific shares outside Japan hit a six-week low, having posted a small decline in each of the past six trading sessions. Japan’s Nikkei rose 0.8 percent.
Crude oil prices slip; OPEC+ response to US-led crude release awaited
Oil rates fell on Thursday investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market. However, data pointed to healthy US fuel demand.
US West Texas Intermediate (WTI) crude futures fell 0.1 percent to $78.3 per barrel. Brent crude futures slipped by 5 cents to $82.2 a barrel.
Reliance Industries to restructure and repurpose gasification assets
Reliance Industries Ltd (RIL) on Wednesday announced that its board has decided to implement a Scheme of Arrangement (Scheme) to transfer Gasification Undertaking into a wholly-owned subsidiary (WOS).
Reliance Industries Ltd(RIL) on Wednesday announced that its board has decided to implement a Scheme of Arrangement (Scheme) to transfer Gasification Undertaking into a wholly-owned subsidiary (WOS). Reliance Industries’ re-evaluation of Saudi Aramco deal won’t impact co’s credit quality: Moody’s
“The Gasification project at Jamnagar was set up with the objective to produce syngas to meet the energy requirements as refinery off-gases, which earlier served as fuel, were repurposed into feedstock for the Refinery Off Gas Cracker (ROGC). This enables the production of olefins at competitive capital and operating costs. Syngas as a fuel ensures the reliability of supply and helps reduce volatility in energy costs. Syngas is also used to produce Hydrogen for consumption in the Jamnagar refinery,” the company said in a regulatory filing.
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