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Sensex closes 555 points down, Nifty ends below 17,650 on weak global cues

Stock Markets Today: Sensex and Nifty closed over 0.9% down. (REUTERS)Premium
Stock Markets Today: Sensex and Nifty closed over 0.9% down. (REUTERS)

  • Sensex closed at 59,189.73, down 555.15 points, or 0.93%, on Wednesday; Nifty closed at 17,646.00, down 176.30 points, or 0.99%

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India's benchmark indices ended trade on Wednesday over 0.9% down. The bourses opened on a tepid note on Wednesday, but crossed into positive territory as the day progressed. But they plummeted back into red and continued the slide to close the day in the negative. All sectors, led by IT, metal, pharmaceutical and financial stocks, slipped into the red after opening gains and pulled the market down. 

06 Oct 2021, 04:08:54 PM IST

On market closing: Gaurav Udani, CEO & founder, ThincRedBlu Securities

"After making a high of 17,884 , Nifty closed negative at 17,646 down by 176 points. Such movements around the all time high is not a good sign for traders in long positions. If nifty is not able to close above 17,950 levels in the next few trading sessions , it may correct to its support range of 17,480-17,520. Traders in long positions need to keep strict stop loss and may consider booking profits. New long positions can be initiated once Nifty closes above 17,950 with high volumes for 18,040 and 18,080 as targets."

06 Oct 2021, 04:01:40 PM IST

Rupee plummets 54 paise to close at 74.98 against US dollar

The rupee tumbled 54 paise to close at 74.98 (provisional) against the US dollar on Wednesday as a stronger greenback against key rivals and rising crude oil prices weighed on investor sentiment. At the interbank foreign exchange market, the local currency opened at 74.63 and witnessed an intra-day high of 74.54 and a low of 74.99 against the US dollar in day trade. The local unit finally settled at 74.98 a dollar, down 54 paise over its previous close. On Tuesday, the rupee had settled at 74.44 against the US dollar.

06 Oct 2021, 04:00:21 PM IST

On market closing: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

"The Index was unable to sustain at higher levels and nosedived thereafter. Strong support for this market lies between 17,400 and 17,500. This level was respected the last time too. If we are unable to repeat this, we could plummet further to 17,200. On the upside, unless we do not get past 17,950, the uptrend will not resume and if we conquer it, 18200 can be the next achievable target."

06 Oct 2021, 03:59:17 PM IST

Markets closing

Sensex closed at 59,189.73, down 555.15 points, or 0.93%, on Wednesday; Nifty closed at 17,646.00, down 176.30 points, or 0.99%. HDFC twins and Bajaj Finance were the only gainers, while the rest of the stocks were in red. IndusInd Bank, Tata Steel and Bajaj Auto were the top losers.

Sensex heatmap.
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Sensex heatmap.
06 Oct 2021, 03:11:58 PM IST

MPC starts deliberating on key rates. Will it be status quo one more time?

Reserve Bank's rate-setting panel started its three-day deliberations on the next bi-monthly monetary policy on Wednesday amid rising global commodity prices and the need to contain inflation at home. (Read here)

06 Oct 2021, 03:03:41 PM IST

Asian equities see massive outflows on inflation worries

Asian equities have seen heavy foreign outflows since the start of this month on concerns about China's property sector and on expectations that major central banks would raise interest rates soon amid concerns about rising inflationary pressures. Foreigners have sold a combined net total of $3.35 billion in Asian equities this month as of 5 October, data from stock exchanges in India, South Koreaw, Thailand, Indonesia, Taiwan, Philippines and Vietnam showed. Last month, cross-border investors purchased Asian equities worth a net $2.9 billion, the biggest inflow in 2020, the data showed. (Reuters)

06 Oct 2021, 02:57:38 PM IST

ZEEL approaches NCLAT against NCLT order in Invesco case

Zee Entertainment Enterprises Ltd has approached the National Company Law Appellate tribunal against the National Company Law Tribunal's order in the Invesco case.

06 Oct 2021, 02:38:46 PM IST

European stocks skid on inflation angst as oil jumps

Technology, travel and retail shares fuelled declines in European stocks on Wednesday as soaring oil and gas prices intensified concerns about higher inflation denting economic growth. After a late-session rally on Tuesday, the pan-European STOXX 600 index fell 1.7%, with travel & leisure and tech stocks tumbling more than 2%. Banks slipped 0.6%, but were the smallest decliners on prospects of higher interest rates as U.S. and European government bond yields climbed and oil prices hit multi-year highs. Dutch and British wholesale gas prices surged to record highs on Tuesday amid wider energy market price hikes.

06 Oct 2021, 02:20:31 PM IST

Currencies hit six-week low as oil spike brews inflation concerns

Emerging market currencies sank to six-week lows on Wednesday as a spike in oil prices spurred concerns over high inflation and drove investors out of risk-driven assets. MSCI's index of emerging market stocks fell 0.6%, while the currencies benchmark dipped 0.2%, as investors feared high commodity prices would further pressure economies already struggling with elevated inflation. South Africa's rand dropped more than 1% and was the worst performer among currencies in Europe, the Middle East, and Africa (EMEA). (Reuters)

06 Oct 2021, 02:11:21 PM IST

LOGOS leases 300,000 sq. ft Haryana warehousing space to French firm Geodis

French logistics firm Geodis has taken 300,000 sq. ft of warehousing space on lease in LOGOS Logistics Estate in Luhari, Haryana, for a 10-year lease period, to address the growing demand from its customers in the e-commerce and retail sector. (Read here)

06 Oct 2021, 01:56:06 PM IST

Sectoral indices

Nifty sectoral indices at 1:55 pm
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Nifty sectoral indices at 1:55 pm
06 Oct 2021, 01:47:57 PM IST

Tata Steel report growth in deliveries at 12% q-o-q

Tata steel has reported 12% quarter-on-quarter growth in deliveries despite it being a seasonally weaker quarter. 

06 Oct 2021, 01:39:42 PM IST

Sensex heatmap

Sensex heatmap at 1:40 pm
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Sensex heatmap at 1:40 pm
06 Oct 2021, 01:28:28 PM IST

BharatPe enters buy now pay later market with postpe

BharatPe on Wednesday entered the buy now pay later (BNPL) category with the launch of its product postpe. The fintech company said postpe provides credit to customers to buy now and pay later, for anything, and from anywhere. Customers can download the postpe app and avail interest-free credit limit of up to 10 lakh. It said that postpe is not limited to big-ticket purchases but can also be used for micro-purchases. BharatPe aims to facilitate a loan book of $ 300 million on postpe in the first 12 months, for its lending partners. (Livemint)

 

06 Oct 2021, 01:18:18 PM IST

CoinSwitch Kuber becomes second crypto unicorn in India

CoinSwitch Kuber has become India's second crypto unicorn, having raised over $260 million in Series C funding round, led by American venture capital firm a16z (Andreesen Horowitz) and Coinbase Ventures, at a valuation of $1.9 billion. (Read here)

06 Oct 2021, 01:12:30 PM IST

Equitas SFB launches ASBA facility

Equitas Small Finance Bank has announced the launch of its Applications Supported by Blocked Amount (ASBA)  facility on its interfaces. It allows users to apply for IPO and FPOs

06 Oct 2021, 01:05:51 PM IST

Swiggy announces 2-year ESOP liquidity programme for up to $40 mn

Foodtech major Swiggy has announced its two-year employee stock ownership plan (ESOP) liquidity programme for employees worth $30 million to $40 million, based on its current valuation of $5.5 billion, as it looks to help its staff create wealth. It has set the timeline for the liquidity events as July 2022 and July 2023 respectively, with all employees holding options eligible for participation. This will mark the third and fourth ESOP liquidity event for Swiggy, which had previously announced employee share buybacks in June 2018 and November 2020 respectively.

06 Oct 2021, 01:02:44 PM IST

Tata Power, Bluwave-ai join hands to automate power ops in Mumbai

Tata Power, India’s largest integrated power utility, has signed a three-year commercial agreement with BluWave-ai, the world’s first renewable energy artificial intelligence (AI) company. This agreement comes at the conclusion of a successful trial project during which Tata Power evaluated the performance of the BluWave-ai cloud platform to generate intra-day and day-ahead dispatches for use in its power scheduling operations.

06 Oct 2021, 12:55:31 PM IST

UK's 10-year inflation gauge tops 4% for first time since 2008

A market-based measure of expected inflation in the U.K. over the next decade rose to 4%, twice the Bank of England’s annual target. The so-called 10-year breakeven rate climbed 5 basis points to 4.03%, the highest since 2008. The move was spurred by a spike in energy costs that threatens to fuel higher consumer prices. Inflation in the U.K. accelerated to the strongest pace in more than nine years at 3.2% in August, with the BOE raising the prospect of hiking interest rates as soon as November to contain the surge in its latest meeting. (Bloomberg)

06 Oct 2021, 12:53:36 PM IST

Nippon Life trustee sells 1% stake in GRSE

Nippon Life trustee has sold 1.2 million shares, or 1% stake in Garden Reach Shipbuilders and Engineers Ltd  on 4 October, according to a report.

06 Oct 2021, 12:32:57 PM IST

On Q2FY22 earnings: YES Securities preview report

The report said revenue for YES Securities' coverage universe is to grow 24% y-o-y helped by strong traction in platform companies, IT, oil and gas (ex-OMC), cement and building material sectors. It added that earnings for the coverage universe will likely grow 19% largely on the back of robust topline. Revenue growth (ex-financials & OMCs) is largely driving earnings, though the expansion in operational margins seems to be tapering on account of a surge in input costs.  An exponential rise in input costs will negate the benefits of better economies of scale, the report said and added that the coverage universe is likely to witness an erosion of 100bps y-o-y basis in OPM. Though the OPM reading of 20.5% y-o-y is still deemed to be very healthy when compared with pre-covid profitability and the prevalent inflationary backdrop.

06 Oct 2021, 12:20:22 PM IST

Sebi considering to allow options on commodities index

Markets regulator the Securities and Exchange Board of India (Sebi) is considering to allow options on commodities index, according to MCX.

06 Oct 2021, 12:17:39 PM IST

RSP registers ‘best-ever’ production in Apr-Sep period

The Rourkela Steel Plant, a unit of SAIL, has said it registered the “best-ever" production performance for the April-September period in the three key segments of hot metal, crude steel and saleable steel. During the reporting period, the plant produced 2,101,278 tonnes of hot metal, 1,953,438 tonnes of crude steel and 1,772,875 tonnes of saleable steel, it said in a release. The figures “are not only the highest for any half year (H1), but also a significant improvement of 42.9%, 38% and 37.8%, respectively, over H1 of last fiscal," the company said. (PTI)

06 Oct 2021, 12:07:09 PM IST

Sectoral indices

Pharma, metal and IT were in red.

Sectoral indices.
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Sectoral indices.
06 Oct 2021, 12:05:00 PM IST

Sensex heatmap at noon

12 stocks were in green and 18 in red.

Sensex heatmap.
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Sensex heatmap.
06 Oct 2021, 11:59:06 AM IST

Jio Network down for many users, Downdetector shows a sharp spike

Several users were reporting issues with Jio mobile network in India, according to a report from India Today. The report said Downdetector was also showing a spike in user complaints related to the network. There was no word whether the network issue has impacted users in one region or is a bigger issue for Jio subscribers across India.

06 Oct 2021, 11:52:28 AM IST

India’s coal fuelled power projects had around four days stock as on 3 October

India’s coal fuelled power projects had around four days worth of stock as on 3 October, according to union power ministry. (Read here)

06 Oct 2021, 11:38:42 AM IST

TCS extends partnership with SBI

Global IT services, consulting and business solutions organization Tata Consultancy Services, has announced that its long-standing partnership with State Bank of India (SBI), India’s largest bank, has been extended for another five years as the bank embarks on its next leg of growth based on the three pillars of technology, resilience and people. As part of the new contract, TCS will continue to maintain and enhance SBI’s application estate around core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. This will support the bank’s ability to launch newer offerings and respond to business and regulatory changes, TCS said in a filing.

06 Oct 2021, 11:32:22 AM IST

Japan's 10-year bond yields rise to 4-month high

Japan's benchmark 10-year government bond yields rose to a four-month high on Wednesday, tracking gains in U.S. Treasury yields, amid the absence of a domestic market-moving catalyst. The 10-year JGB yield rose two basis points to 0.080%, its highest since June 8, while 10-year JGB futures fell 0.19 points to 151.32, with a trading volume of 24,213 lots. U.S. Treasury yields rose overnight, as worries about the debt ceiling prompted investors to move away from the shortest end of the curve, while inflation concerns weighed on longer-dated debt.

06 Oct 2021, 11:22:22 AM IST

Govt may set up task force to tackle semiconductor shortage

The government is likely to set up a task force to tackle the shortage of semiconductors affecting different industries such as automobile, CNBC Awaaz has reported. The task force will also suggest incentives to be given for companies to set up semiconductor plants in India, the report added.

 

06 Oct 2021, 11:16:21 AM IST

LIC increased stake in Cadila Health by 2.05% in Q2

LIC has increased its stake in Cadila Health to 5.68% in September quarter from 3.63% in June quarter, according to a report.

06 Oct 2021, 10:57:33 AM IST

Volvo Lands Order for 100 Electric Trucks in ‘Breakthrough’ Deal

DFDS A/S, Northern Europe’s largest shipping and logistics company, is buying 100 electric heavy trucks from Volvo Group as pollution and noise restrictions overhaul the transport sector. The second-biggest truckmaker will start deliveries of the vehicles, capable of driving 300 kilometers (186 miles) on a single charge, during the fourth quarter of next year, Volvo said Wednesday. The deal is the largest commercial order of electric trucks for the company so far. (Bloomberg)

06 Oct 2021, 10:53:16 AM IST

Clarification sought from Bella Casa Fashion

The BSE has sought clarification from Bella Casa Fashion & Retail Ltd on 6 October with reference to significant movement in price, according to a corporate notification on the site. The move, it said was made in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded. “The reply is awaited," the notification added.

06 Oct 2021, 10:43:51 AM IST

7-Eleven hopes to enter India market in ‘near future’

7-Eleven Inc., the world’s largest convenience store chain, remains confident about the prospects of the Indian market and hopes to make a market entry in the “near future", it said in a statement after calling off its agreement with home-grown Future Retail. (Read here)

06 Oct 2021, 10:37:34 AM IST

Gold prices today fall for second day, silver rates drop sharply

Gold prices today fell for second day in India with analysts attributing the correction to profit-taking in global markets. On MCX, gold rates were down 0.35% to 46,600 per 10 gram while silver futures declined 0.6% to 60,623 per kg. (Read here)

06 Oct 2021, 10:25:21 AM IST

Rupee slumps

06 Oct 2021, 10:22:07 AM IST

Sensex heatmap

Nine stocks in green, 21 in red

Sensex heatmap at 10:20 am
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Sensex heatmap at 10:20 am
06 Oct 2021, 10:19:16 AM IST

LNG shipping rates climb to multi-month highs on demand for vessels

Freight rates to ship liquefied natural gas (LNG) rose to multi-month highs this week as a surge in demand for the super-chlled fuel has increased the need for vessels to move supplies, multiple trade and shipping sources said. The daily charter rate for a tri-fuel diesel-electric (TFDE) vessel that can carry 160,000 cubic metres of LNG to Pacific basin ports rose to $76,000 a day on Tuesday, the highest since February, according to data from Spark Commodities. For the same type of ship moving in the Atlantic Basin, the rate rose to $67,750 a day, the highest since August, Spark data showed. (Reuters)

06 Oct 2021, 10:10:02 AM IST

India plans to allow 20% foreign investment in LIC

India is considering a proposal for foreign investors to own as much as 20% in Life Insurance Corporation, according to a person with knowledge of the matter, which would enable them to participate in the nation’s biggest initial public offering. Under discussion is a plan to amend FDI rules so that investors can pick up the stake without the government’s approval under the so-called automatic route, the person said, asking not to be identified as the deliberations are private. Government officials are due to meet and discuss the proposal as early as Wednesday afternoon in New Delhi, the person said. (Bloomberg)

06 Oct 2021, 10:05:08 AM IST

Sectoral indices

Pharma, metal, IT in red.

Nifty sectoral indices at 10 am
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Nifty sectoral indices at 10 am
06 Oct 2021, 09:58:16 AM IST

On markets opening: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

"The Nifty is trading well above the resistance zone of 17700 and hence we should be heading to 18050. Since the support for this market is at 17500-17600 which makes an unfavorable risk-reward, traders should look at picking up long positions on dips or during intraday corrections. With a smaller stop, they can project higher targets."

06 Oct 2021, 09:56:59 AM IST

Daily currency outlook: ICICI Securities

Dollar-rupee
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Dollar-rupee
06 Oct 2021, 09:53:22 AM IST

Result Preview – Information Technology: ICICI Securities

IT companies are expected to continue their revenue growth momentum in Q2, which is a reflection of strong deal signing momentum. We expect BFSI, retail, manufacturing, hi tech and life-science to drive revenues in the quarter. On the currency side, we expect some headwinds from unfavourable cross currency movements. Since demand continued to be strong in IT companies, the supply side crunch is expected to have an impact on margins. Since companies accelerate fresher hirings to cater to increasing demand, utilisation of companies is expected to take some hit while subcontracting costs are expected to accelerate, which will have an impact on margins.

06 Oct 2021, 09:47:43 AM IST

Malaysia's AirAsia Group reaffirms commitment for fleet migration to Airbus A321neo

Malaysia's AirAsia Group Bhd has reaffirmed its commitment for fleet migration to Airbus A321neo with the conversion of the remaining A320 orders, it said on Wednesday. With the conversion, the airline now has a total order of 362 A321neo aircraft with deliveries up until 2035, it said in a statement. (Reuters)

06 Oct 2021, 09:46:07 AM IST

CILtold to boost output to ease India’s power crisis

India is pushing state-run Coal India Ltd., the world’s top miner of the fuel, to boost production to help power plants navigate a supply squeeze and to meet longer-term ambitions to curb imports. The nation, which relies on the fuel for about 70% of electricity generation, has already seen signs of power shortages, and needs to lift deliveries to avert the risk of blackouts. It’s also seeking to minimize short-term impacts on energy-hungry industrial users including producers of aluminum, cement, bricks and paper. (Bloomberg)

06 Oct 2021, 09:41:28 AM IST

LPG cooking gas cylinder prices hiked by ₹15

The prices of Liquefied Petroleum Gas (LPG) cooking gas cylinders across all categories including subsidised gas on Wednesday were hiked by 15 per cylinder -- the fourth straight increase in rates in less than two months. (Read here)

06 Oct 2021, 09:28:55 AM IST

New Zealand raises interest rates for first time in seven years

The Reserve Bank of New Zealand (RBNZ) increased its cash rate by a quarter of a percentage point to 0.5%. Economists had expected the hike last month but the bank held off due to an outbreak of the covid-19 delta variant. New Zealand is one of the first developed economies to reverse rate cuts put in place during the pandemic, BBC has reported. 

06 Oct 2021, 09:25:10 AM IST

Market opens

Sensex heatmap at opening.
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Sensex heatmap at opening.
06 Oct 2021, 09:11:36 AM IST

Covid update

06 Oct 2021, 09:06:40 AM IST

Market preopening 

At market pre-opening, the Sensex was at 59,744.88, up 445.56 pts, or 0.75%, while Nifty was at 17,822.30, up 131.05 pts, or 0.74% as of 09:00 am.

Sensex at preopening.
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Sensex at preopening.
06 Oct 2021, 09:00:31 AM IST

Citi promotes Jiang and Li to Asia industrials banking co-heads

Citigroup has appointed David Jiang and Lei Li as co-head of industrials investment banking for Asia, according to a company memo. Jiang has been with Citi for three years while Li has worked at the bank since 2014, the memo said. The Hong Kong-based duo replace David Biller, who was recently appointed to be the Banking, Capital Markets and Advisory co-head of industrials for Europe, Middle East, Africa, Asia and Japan for the global bank. (Reuters)

06 Oct 2021, 09:00:32 AM IST

On pre market opening: Gaurav Udani, CEO & founder, ThincRedBlu Securities

“Nifty is expected to open flat to negative at 17,775, down by 60 points. Nifty has support in 17,580-17,600 range and resistance in 17,850-17,900 range. Traders can consider buy on dips with strict stoploss as a strategy in current markets."

06 Oct 2021, 08:52:32 AM IST

Apple supplier Pegatron teams with Microsoft for 5G network push

Apple supplier Pegatron has teamed with Microsoft for 5G network push, according to Nikkei.

06 Oct 2021, 08:40:55 AM IST

Petrol nears ₹103 in Delhi as OMCs hike fuel prices for second straight day

Petrol and diesel prices have been hiked for the second consecutive day on Wednesday, sending retail rates to all-time high levels, with a "substantial" increase in the offing in coming days as international oil prices touched a seven-year high. (Read here)

06 Oct 2021, 08:36:39 AM IST

BMW India to re-enter electric vehicle space in 2022

Munich-based luxury carmaker BMW has said that it will be globally introducing over 25 electrified vehicles and 50% of them are likely to make their way into India in the coming years, the Economic Times reported. At 6,027 units, BMW is on course to attain its annual target in 2021, led by strong recovery in demand after the second wave of covid-19 and adequate chips to meet its plans for the current year.

06 Oct 2021, 08:29:49 AM IST

Markets may continue to rise; Zee, telecom stocks in focus

Markets are likely to be stay higher on Wednesday following global cues. However trends in SGX Nifty suggest a weak opening of Indian benchmark indices. (Read here)

06 Oct 2021, 08:17:37 AM IST

Nalco under NSE's F&O ban stock list for today

National Aluminium Company Limited (Nalco) is the only stock that has been put under the futures and options (F&O) ban for trade by the National Stock Exchange (NSE) on Wednesday, October 6, 2021. The scrip is banned under the F&O segment as it has crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Read here)

06 Oct 2021, 08:13:35 AM IST

OMCs hike petrol price by 30 paise, diesel price by 37 paise

06 Oct 2021, 08:12:06 AM IST

Dollar firm ahead of payrolls; kiwi shrugs off rate hike

The dollar inched higher in choppy trade on Wednesday amid heightened nerves about the global growth outlook and as traders awaited U.S. jobs data for a clue on the timing of Federal Reserve policy tightening. The Reserve Bank of New Zealand lifted its official cash rate for the first time in seven years, but the well-telegraphed hike was expected and the New Zealand dollar barely budged. The kiwi was last 0.3% weaker at $0.6931 and the greenback posted similar gains elsewhere. The euro was pinned below $1.16 and last bought $1.1590, scarcely higher than the 14-month low of $1.1563 it struck last week. The yen eased to a one-week low of 111.64 per dollar and was within range of the 18-month trough of 112.08 that it visited last Thursday. The Australian dollar weakened 0.3% to $0.7267.

06 Oct 2021, 08:06:14 AM IST

Stocks to watch

Bharti Airtel, JSPL, Vedanta are among stocks to watch today. (Read here)

06 Oct 2021, 07:56:48 AM IST

Day trading guide for Wednesday

Indian stock market closed in the positive territory for second successive session on Tuesday. NSE Nifty closed 131 points up at 17,822 levels while BSE Sensex closed at 59,744 — 445 points higher from its Monday close. (Read here

06 Oct 2021, 07:51:34 AM IST

Bitcoin surges above $51,000, ether, dogecoin also gain

In cryptocurrencies, Bitcoin prices today continued to extend gains after passing the $50,000 mark for the first time in four weeks on Tuesday and adding to gains this month on mounting institutional interest. The world's largest cryptocurrency by market capitalization was trading 4% higher at around $51,355. (Read here)

06 Oct 2021, 07:27:31 AM IST

Deepening energy crisis raises inflation alarm as RBI meets

Higher oil prices and coal shortages risk fanning inflation and slowing economic growth in India ahead of a central bank meeting, while punishing the nation’s currency and bonds. A lack of coal means factories could shut, while forcing India to import more fossil fuels at a time when crude prices at a seven-year high are already weighing on the energy hungry nation. The threat of inflation and worsening external deficit have led to a 12 basis-point surge in the nation’s benchmark bond yields over the past two weeks and a decline in the rupee.

06 Oct 2021, 07:27:31 AM IST

U.S. oil rises to highest since 2014 amid global energy crunch

U.S. oil prices rose for a fifth day on Wednesday to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets. Brent crude prices also climbed for a fourth day on the supply anxiety, particularly after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Monday to say with their planned output increase rather than boosting it further. U.S. West Texas Intermediate (WTI) oil earlier rose to $79.18 a barrel, the highest since Nov. 10, 2014. The market was up 0.15%, or 12 cents, at $79.05 a barrel, as of 0128 GMT. Brent crude added 0.15%, or 12 cents $82.68 a barrel after rising to a three-year high in the previous session.

06 Oct 2021, 07:27:31 AM IST

Global stocks rally after tech sell-off, dollar gains

Global equity markets rallied on Tuesday as U.S. and European tech stocks rebounded and the dollar strengthened ahead of U.S. payrolls data on Friday that could reveal the Federal Reserve's next move on tapering its support to the economy. Most major U.S. and European stock indices rose more than 1%, while yields on the 10-year U.S. Treasury note, a touchstone for investor sentiment, edged above 1.5%. Another jump in crude oil futures fueled inflation fears. Investors are focused on Friday, when the U.S. unemployment report for September may determine when the Fed proceeds with plans to begin tapering $120 billion a month of bond purchases.

06 Oct 2021, 07:27:31 AM IST

Asia stocks rise after US rally; bond yields up

Asian stocks rose Wednesday after U.S. equities rebounded as traders weigh the resilience of the economic recovery to elevated inflation fanned by surging energy costs. Treasury yields advanced and the dollar held a climb. Shares rose in Japan and South Korea, while Australia was little changed. U.S. contracts fluctuated after bargain-hunting for technology stocks that bore the brunt of a recent selloff boosted the S&P 500 and Nasdaq 100. The 10-year Treasury yield headed toward 1.55% and the 30-year yield reached the highest since June. Faster-than-expected U.S. service-sector activity and inflation risks from spiraling costs for crude oil and natural gas are adding to the case for a reduction in Federal Reserve bond-buying. Traders are awaiting labor market data later this week for more clues about the outlook.

S&P 500 futures rose 0.1% as of 9:30 a.m. in Tokyo. The S&P 500 rose 1.1%

Nasdaq 100 futures added 0.1%. The Nasdaq 100 rose 1.4%

Topix index rose 1.5%

Australia’s S&P/ASX 200 Index rose 0.2%

Kospi index climbed 0.9%

Hang Seng Index futures gained 0.9%

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