Business news live: Markets update | Sensex plunges over 650 points, Nifty below 17,250

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LatentView Analytics lists on stock exchanges today. The Indian benchmark equity indices fell nearly 2% on Monday after a series of unfavourable news during the weekend. Paytm extended losses for the second day after making a weak debut last week while Reliance fell on the announcement that it would re-evaluate the deal with Saudi Arabia’s Aramco.

Markets update | Sensex plunges over 650 points, Nifty below 17,250

Indian benchmark equity indices opened on a negative note after falling nearly 2% on Monday. At 9:23 IST, the Sensex was down 670.83 points or 1.15% at 57795.06 and the Nifty was down 195.70 points or 1.12% at 17220.85. 

Asia stocks were mostly lower on Tuesday after the US President Joe Biden picked Federal Reserve Chair Jerome Powell for a second term, reinforcing expectations the U.S. will taper its stimulus soon.

MSCI’s gauge of Asia Pacific stocks outside Japan fell 0.49%, while Hong Kong’s Hang Seng Index and China’s benchmark CSI300 Index opened 1.1% and 0.2% lower, respectively.

Australia’s S&P/ASX 200 outperformed with a 0.55% gain while Japanese markets were closed for a public holiday.

Oil falls on expectation that countries will tap emergency crude reserves

Oil prices fell on growing talk that the United States, Japan and India will release crude reserves despite the threat of demand faltering as COVID-19 cases rise in Europe. 

U.S. West Texas Intermediate (WTI) crude futures fell 0.6%, to $76.32 a barrel and Brent crude futures fell 0.4%, to $79.40 a barrel.

The U.S. Department of Energy is expected to loan oil from the Strategic Petroleum Reserve, and the same will be coordinated with other countries. 

—-  Edited by John Xavier

(With inputs from Reuters, PTI and other news agencies.)

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