Asian markets moved higher as governments around the world looked poised to boost spending
The benchmark indices have edged lower after opening at record highs as the market participants seemingly decided to take some money off the table post the Budget rally. The BSE Sensex touched a record high of 50,231.39 at opening bell and at 9:18 am, the BSE Sensex was at 49,773, lower by 30 points or 0.1 per cent and the NSE Nifty was at 14,,645, down 10 points.
Asian markets moved higher during early trading as governments around the world looked poised to boost spending to help economies recover from the coronavirus and vaccine roll-out programs accelerated.
Japan’s Nikkei rose 0.3 per cent in early trade and Australian S&P/ASX 200 index added 0.8 per cent. Hong Kong’s Hang Seng futures lost 0.20 per cent.
Overnight, US stocks finished sharply higher for a second straight day on Tuesday, helped by gains in Amazon.com and Google-parent Alphabet ahead of their results and by optimism over progress on a US pandemic relief package.
Meanwhile, oil prices rose 2 per cent on Tuesday, reaching their highest in 12 months after major producers showed they were reining in output roughly in line with commitments. Brent crude settled up $1.11, or 2 per cent, at $57.46 a barrel, its third straight day of gains. During the session, it touched $58.05, the highest since January last year.
On Tuesday, the S&P BSE Sensex had rallied 1,197.11 points or 2.46 per cent to 49,797.72 and NSE Nifty had climbed 366.70 points or 2.57 per cent to 14,647.90.