Stock Market Live: Sensex edges higher, Nifty above 14,750; metals, auto stocks rise
Stock Market Live: Indian indices opened high on Wednesday led by gains in metal, pharma, auto and banking sectors. Also, Reliance Industries continued gaining post O2C reorganization, contributing the most to the benchmarks. Also, also lifted the sentiment. Meanwhile, global stocks edged ahead after central banks from Washington to Wellington vowed to keep monetary policy loose for a long time, giving investors enough confidence to seek out riskier assets.
“Sharp spike in the volatility index VIX to 25.23 indicates a high level of uncertainty & expectations of high ups & downs, going forward. FIIs turning sellers (Rs 1569 cr yesterday) is negative. But DIIs have turned buyers, partly compensating for the FII selling. The global liquidity backdrop continues to be positive since the Fed has reaffirmed its accommodative monetary stance. Fed chief’s comment that 2% inflation in the US is far away, is positive for global markets. Investors can exploit the high volatility to make investments in segments where valuations are attractive & the risk-reward ratio is favorable. IT, presently under a bit of pressure due to rupee appreciation, offers to buy opportunity. Valuations are relatively reasonable & earnings visibility is high”
Opening Bell: Sensex opens higher, Nifty nears 14,750; metals shine, RIL continues to gain
Indian indices opened high on Wednesday as heavyweight Reliance Industries continued gaining post O2C reorganization, contributing the most to the benchmarks. Meanwhile, the rise in metal, pharma, auto and banking sectors also lifted the sentiment. At 9:20 am, the Sensex was up 195 points at 49,946 while the Nifty rose 54 points to 14,761. Broader markets were also higher at opening with the midcap and smallcap indices up over half a percent each. On the Nifty50 index, Coal India, JSW Steel, Tata Steel, ONGC, and IOC were the top gainers while GAIl, UPL, TCS, Infosys and Kotak Bank led the losses. All sectors, barring Nifty IT were also in the green at opening. The metal index rose the most, up 2 percent while Nifty Bank and Nifty Auto added 0.6 percent each. Nifty Pharma was also up half a percent.
Oil slips after U.S. crude stocks rise amid deep freeze hit to refiners
Oil prices fell in early trade on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. Crude stockpiles rose by 1 million barrels in the week to Feb. 19, the American Petroleum Institute (API) reported on Tuesday, against estimates for a draw of 5.2 million barrels in a Reuters poll. API data showed refinery crude runs fell by 2.2 million bpd. U.S. West Texas Intermediate (WTI) crude futures were down 55
Tesla shares in the red for 2021 as bitcoin selloff weighs
Shares in Tesla were set to plunge into the red for the year on Tuesday, hit by a broad selloff of high-flying technology stocks and the fall of bitcoin, in which the electric carmaker recently invested $1.5 billion. At 1121 GMT, Tesla was down over 6% in U.S. premarket deals after a 8.5% drop during the previous session. The firm led by Elon Musk has had a stellar ride since 2020, which it began at about $85 per share, before reaching the $900 mark on Jan. 25. Currently trading at about $673 in pre-market transactions, the stock has lost 25% from its peak, which is above the 20% level which technically defines a bear market. Bitcoin has also swung into a bear market, falling from a peak of $58,354 on Feb. 21 to a low of $45,000 earlier on Tuesday.
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