Sensex, Nifty open on a cautious note
The Indian equity benchmark indices, Sensex and Nifty opened flat amid mixed global cues. At 9:15, Sensex opened 0.18% higher at 58354.11 and Nifty opened 0.04% higher at 17387.65.
Among sectors, private banks and financial sectors traded lower while auto, media, FMCG and IT saw some buying.
Oil rises after fall in stocks
Oil prices rose after industry data showed a larger than expected fall in crude oil stocks in the U.S. and on expectations that increased vaccine roll-out will spur demand, Reuters reported.
Brent crude oil rose 0.5% to $73.99 a barrel while U.S. West Texas Intermediate (WTI) also surged 0.5% to $70.90 a barrel.
“The impact of Hurricane Ida was a lot greater than many anticipated and production in the Gulf of Mexico region might struggle to return until Tropical Storm Nicholas is done pushing the region with territorial rain,” Edward Moya, senior analyst at OANDA told Reuters.
Asian shares fall after weak China data
Asian shares fell as weak Chinese economic data raised concerns about slowing global growth, Reuters reported.
Chinese data showed that retail sales missed analyst expectations and grew at the slowest pace since August 2020, and industrial output also rose at a weaker pace from July.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.82%, and Tokyo’s Nikkei was down 0.89%. Following the data, Chinese blue chips fell 0.73% and Hong Kong benchmark shed 0.87%.