Major benchmark indices opened in the red on Tuesday to continue their declining trend. However, Brent crude price traded lower from yesterday’s high, which could support a calming of the unruly sentiment during the day. At 09:16 IST, the Sensex was down 85.71 points or 0.16 per cent at 52,757.04 and the Nifty was down 33.20 points or 0.21 per cent at 15,830. About 1238 shares have risen, 549 shares have declined and 91 shares have remained unchanged.
ONGC, Power Grid Corporation, HCL Technologies, NTPC and Tech Mahindra were the major gainers on Nifty, while losers were Hindalco Industries, SBI Life Insurance, HDFC Bank, Hero MotoCorp and Eicher Motors.
Among the broader markets, BSE Midcap and Smallcap indices were also in positive territory, rising up to 1 per cent.
Among individual stocks, Asian Paints was down more than 1 per cent as Brent crude was above $121 a barrel. Antu Thomas, Senior Research Analyst, Geojit Financial Services, said: “Paint stocks witnessed a sharp decline in the market as rich valuations and significant rise in oil prices continued to impact investor sentiment. TIO2, a derivative of crude oil, is the major input in the manufacture of paints. A rise in price will increase the cost of production and affect the company’s gross margin. The paint company has already increased the price from 18% to 20% in 9MFY22 to mitigate the risk of higher input prices. We expect the inflationary trend of raw materials to continue; Although the rate of growth is expected to moderate in Q4 to support demand.
Mohit Nigam, PMS Head, Hem Securities, said, “Yesterday global markets closed in the red, including the Indian market, which plunged dramatically and fell nearly 2 per cent following continued growth in petroleum and weak global cues . “
Markets have been shaken by a sharp rise in crude oil prices, as investors fear more penalties against Russia. Furthermore, there are no signs that hostilities between the two countries are waning. The 1974 oil crisis Prices of everything from gasoline to aluminum to wheat have risen dramatically, marking the most significant weekly increase in raw materials since Russia’s growing isolation cut it from vital supplies of energy, metals and agriculture. As the war between Russia and Ukraine pushed crude oil prices across the world to multi-year highs, raising fears of long-term shortages and rising global prices, the Indian rupee will trade against the US dollar yesterday. The competition fell to its all-time low,” the corporation said.
global signal
Wall Street shares fell on Monday following Russia’s attack on Ukraine, as concerns grew that rising commodity prices would slow the economy. The Dow Jones Industrial Average ended 2.4 percent, down nearly 800 points, at 32,817.38, continuing the previous week’s rally. The broad-based S&P 500 fell 3.0 percent to 4,201.09, while the tech-rich Nasdaq Composite fell 3.6 percent to 12,830.96.
Tokyo shares opened lower on Tuesday as concerns over rising oil prices and uncertainties over the Russia-Ukraine crisis opened. The benchmark Nikkei 225 index fell 1.22 per cent, or 307.51 points, to 24,913.90, while the broader Topix index fell 1.17 per cent, or 21.04 points, to 1,772.99. The dollar rose to 115.32 yen from 115.27 yen in New York on Monday.
Shares rose slightly in the opening minutes of trading in Hong Kong on Tuesday after two days of heavy losses, although traders are holding an edge over the Ukraine war. The Hang Seng index gained 0.12 per cent, or 24.76 points, to end at 21,082.39. The Shanghai Composite Index was down 0.30 points at 3,372.55, while the Shenzhen Composite Index on the Second China Exchange rose 0.25 per cent, or 5.55 points, to 2,208.97.
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