US stocks ended mostly lower overnight due to concerns over new covid variation, which has halted movement in and out of the UK and sent vaccine makers scrambling to ensure their drugs are effective against it, and could hamper a softening economic recovery
MUMBAI: Markets are likely to be volatile on Wednesday while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Tuesday, the BSE Sensex closed at 46,006.69, up 452.73 points and the 50-share index Nifty ended at 13,466.30, up 137.90 points.
Asian shares were choppy in early deals today as investor focus swung between concerns about a new faster-spreading variant of the coronavirus and hopes that more US fiscal aid would propel an economic recovery.
US stocks ended mostly lower overnight Tuesday over concerns the new covid variation, which has halted movement in and out of the UK and sent vaccine makers scrambling to ensure their drugs are effective against it, could further hamper a softening economic recovery.
Data showed US consumer confidence unexpectedly fell in December, for second-straight monthly decline, as renewed restrictions aimed at slowing the pandemic hobbled businesses, overshadowing the roll out of covid-19 vaccines.
US President-elect Joe Biden, warning that the "darkest days in the battle against covid are ahead of us," said his administration will put forward another covid-19 relief package early next year.
Back home, German automotive major Daimler AG and Infosys Ltd has entered a long-term strategic partnership for a technology-driven IT infrastructure transformation.
IT services major Wipro on Tuesday said its up to ₹9,500-crore share buyback programme will commence on 29 December and close on 11 January.
Bajaj Auto on Tuesday said that it has signed a memorandum of understanding (MoU) with Maharashtra government for ₹650 crore to set up a manufacturing unit in Chakan.
Oil prices fell on demand worries linked to the new covid strain, with Brent last down 2.16% at $49.81 a barrel and U.S. crude 2.44% lower at $46.80.
The safe-haven US dollar was up 0.56% against a basket of currencies, while both the euro and the pound were slightly higher, having clawed back earlier losses amid talk of a potential post-Brexit trade deal on the table between Britain and the European Union.
(Reuters contributed to the story)
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