Opening Bell: Shares of oil companies are in focus as government announces hike in windfall tax.
Opening Bell: SGX Nifty indicates an opening in the red for the Indian markets on Tuesday. Nifty futures on the Singapore Exchange quoted 55 points, or 0.30 per cent, lower at 18,168.
Sensex was down 30.86 points or 0.05 per cent at 61136.93, and the Nifty was down 34.70 points or 0.19 per cent at 18162.80 at the beginning of trade.
However, within the first hour of trading, the indices turned flat. Gains in financial services and IT shares led the headline indices higher. Shares of oil companies are in focus as government announces hike in windfall tax.
India has raised windfall tax on petroleum, crude oil, and aviation turbine fuel. It raised the windfall tax on crude oil to Rs 2,100 ($25.38) per tonne from Rs 1,700 ($20.55), effective on Tuesday.
Crude holds steady amid COVID flare-ups in China, brent near $85/bbl. Natural gas is trading 7.64 per cent lower at 345.80.
Brent crude March futures declined 0.35 per cent to $85.61 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 0.30 per cent to $80.02 a barrel.
The Indian rupee fell 0.03 per cent to 82.71 against the US dollar in early trade on Tuesday.
Gold prices hit a six-month high on Tuesday in thin trading, with the market’s attention turning to minutes from the U.S. Federal Reserve’s latest policy meeting due this week. Gold prices rise to $1,830/oz as US dollar index hovers below 104.
Spot gold was up 0.8 per cent at $1,838.69 per ounce. U.S. gold futures rose 1 per cent to $1,843.90.
Asian stocks indices
Opening Bell: Asian markets were trading mostly lower on Tuesday. China’s Shanghai Composite was trading marginally lower. Hong Kong’s Hang Seng also kicked off trade with half a per cent decline. Seoul’s Kospi tumbled over 1.5 per cent. Japan’s Nikkei remain shut.
Stocks indices at present
SGX Nifty is trading with the gain of 0.34 per cent at 18,285.50.
China, Hang Seng is trading with the gain of 1.31 per cent at 20,040.24. Taiwan Weighted is trading with the gain of 0.60 per cent at 14,222.96.
South korea, Kospi is trading 0.28 per cent lower at 2,219.52. Shanghai Composite is trading with the gain of 0.56 per cent at 3,106.60.
Global indices are trading in green at the time article uploaded.
