1. Sensex trims gains, Nifty at 16,650; IT rises, —-oil above $116:
2. Vedanta rises,company announced 3rd interim dividend for FY22:
3. Russian troops enter strategic Ukrainian port of Kherson: Reuters
4. Banks, auto indices under pressure; rest in green:
5. Reliance Industries ties up with US-based Sanmina Corp. for electronics manufacturing in India: BSE filing
6. Edible oil prices may surge: Inflation too.
Investors are advised to be cautious while taking long positions
Stock market today: Foreign institutional investors have contributed to volatility in the Indian equity markets over the past few months.They are in selling mode.
Indian equities were higher Thursday, tracking global peers which rose after reassuring commentary Fed policy tightening. Oil continued to surge on Russia-Ukraine conflict. At 10am, Sensex rose 147.22 pts to 55,616.12, Nifty was up 39.79 pts at 16,645.70
US Fed Chair Jerome Powell on Wednesday said rates would likely be raised by only 25 basis points this month, and the war in Ukraine has made the outlook “highly uncertain”. However, Powell did warn the Fed might have to hike more aggressively if inflation kept rising.
Oil jumps, Brent above $116/bbl as supply issues persist
Oil prices extended their rally on Thursday, with Brent rising above $116 a barrel, as trade disruption and shipping issues from Russian sanctions over the Ukraine crisis sparked supply worries while U.S. crude stocks fell to multi-year lows.
The Organization of the Petroleum Exporting Countries and their allies including Russia have decided to maintain an increase in output by 400,000 barrels per day in March despite the price surge, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude.
Brent crude futures rallied to $116.83 a barrel, the highest since August 2013. The contract was at $116.60 a barrel, up to $3.67 in Asian trade.
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