- India’s benchmark indices
Sensex andNifty50 fell in the first half of trading on Tuesday after a flat opening in the morning. - Dragging the indices down were FMCG, oil & gas and metal stocks.
SGX Nifty , an early indicator of how the markets may perform, was up 0.05% or 9 points early in the morning today.
While the 30-stock Sensex was down 0.2% or 120 points to 59,167, the 50-stock Nifty50 was down 0.2% or 36 points to 17,357 halfway through the day today.
Top gainers and losers on Nifty50
Source: NSE, February 28, 2023
Earlier on Monday, the markets saw volatile movement, closing the day in the red. While Sensex fell 0.3% to 59,288 points, Nifty50 declined 0.42% to 17,393 points. Most of the sectoral indices ended the day in red, with IT, metal and auto stocks falling the most.
Worries of more rate hikes by the US Fed led to a decline in oil futures, with the Brent crude falling to $82 per barrel.
Markets in the US closed in the green on Monday as buyers hunted for bargain purchases. The Dow Jones Industrial Average gained 0.22% while S&P 500 closed 0.31% higher. The tech-heavy Nasdaq closed 0.63% in the green.
In Asia, most markets were in the green on Tuesday morning, led by KOSPI at 0.9% and followed by Hang Seng at 0.59%. Nikkei 225 gained 0.43% while Shanghai Composite was up 0.15%. Taiwan Weighted, on the other hand, was down 0.72%.
Dr Reddy’s Laboratories: The pharma company is planning to buy Mayne Pharma’s US generic prescription product portfolio for $105 million. For this, it will acquire the portfolio for an upfront payment of $90 million in cash, contingent payment of up to $15 million.
Bharti Airtel: The company’s chairman Sunil Bharti Mittal said at the Mobile World Congress in Barcelona that he is hopeful of telecom tariffs being hiked by the middle of this year. The returns on capital in telecom business is very low, which is why the rate hike is expected this mid year.
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