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Sensex, Nifty Open with marginal gains;  Focus on Reliance Industries

Indian benchmark stock indexes opened flat on Thursday ahead of the monthly expiration, following losses in global markets. At 9:15 am, the Sensex opened 0.04%, or 23 points higher, to 58,363. The Nifty50 index opened slightly higher at 17,417, up 2 points or 0.01%. The larger stock indices were trading lower.

The bluechips leading the gains in the Nifty50 index were UPL, Reliance Industries, Tech Mahindra, Infosys and Tata Consumers. Each script gained more than 0.5 to 1 percent. The main losses were ICICI Bank, ITC, Coal India, Shree Cement, NTPC.

Among sectors, the Nifty IT, real estate and healthcare indices were in the green. While indices like Nifty Bank, PSU Bank, media, metals, financials were under selling pressure.

Asian stocks wobbled lower on Thursday, penalized by the US dollar which continued to rise as investors bet on interest rates rising faster in the US than in other major economies like Japan and the euro zone.

The MSCI’s largest Asia-Pacific stock index outside of Japan fell 0.18% to a six-week low. Japan’s Nikkei rose almost 1%. There were slight drops in all areas. Australia lost 0.1%, Hong Kong and Chinese blue chips lost 0.3%.

Overnight, Wall Street finished higher and re-testing records as tech stocks rebounded from a massive selloff earlier this week.[[[[

In other central bank news, the Bank of Korea raised its policy rate by 25 basis points on Thursday, as widely expected, as concerns over rising household debt and inflation offset the uncertainty surrounding a resurgence of COVID-19 cases.

Oil prices edged up after a few turbulent days in which the United States announced it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain in an attempt to cool oil prices after calls to OPEC + to pump more have gone unheeded. However, investors questioned the effectiveness of the program, leading to price gains.

Brent crude was last at $ 82.53 a barrel, up 0.33%. US crude was at $ 78.56, up 0.2%. Spot gold rose 0.17% to $ 1,791 an ounce.

(With contributions from Reuters)


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