At 9:18 am, the BSE Sensex was trading at 50.927.65, higher by 45 points
The domestic stock markets are trading lower for the fifth straight session as the ongoing correction shows no signs of abating. At 9:18 am, the BSE Sensex was trading at 50,765.25, lower by 145 points and the NSE Nifty was at 14,962, down 35 points.
Asian markets inched higher on Monday as expectations for faster economic growth and inflation globally batter bonds and boost commodities, though rising real yields also make equity valuations look more stretched in comparison.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1 per cent, after easing from a record top late last week as the jump in U.S. bond yields unsettled investors. Japan’s Nikkei recouped 1.0 per cent and South Korea 0.4 per cent, while E-Mini futures for the S&P 500 were a fraction firmer.
Stocks on Wall Street closed near break-even on Friday as investors sold technology shares that have rallied through the pandemic and rotated into cyclical stocks set to benefit from pent-up demand once the coronavirus pandemic is subdued.
Meanwhile, oil prices rose on Monday as the slow return of US crude output that was cut by frigid conditions raised concerns about supply just as demand is coming back from the depths of the coronavirus pandemic.
Brent crude was up 76 cents, or 1.2 per cent, at $61.67 a barrel by 0104 GMT, after gaining nearly 1 per cent last week. U.S. oil rose 74 cents, or 1.3 per cent, to $59.98 a barrel, having fallen 0.4 per cent last week.
On Friday, the Sensex had breached the 51,000 levels and the Nifty broke the 15,000-mark, with the BSE Sensex slipping 654.54 points or 1.2 per cent to end at 50,889.76 and Nifty shedding 181.5 points or 1.2 per cent to end at 14,981.