Markets open in the green despite weak global indices

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  • Sensex was up 179 points at 57,327 while Nifty50 was up 55 points at 17,038 in early morning trading.
  • The International Monetary Fund (IMF) has said that India is relatively well placed compared to other countries.
  • Crude oil prices have continued to fall as investors worry about global demand amid recession fears and rising Covid-19 cases in China.

Indian benchmarks opened in the green on Wednesday despite weak signals from global markets. US markets ended sharply lower after the head of the Bank of England said he would end emergency intervention in the UK bond market by Friday.

The Nasdaq-100 ended down 1.24% on Tuesday while Asian markets leading the Nikkei 225, Taiwan index traded flat to negative.

Sensex, however, was up 179 points at 57,327 while Nifty50 was up 55 points at 17,038 in early trading. Stock markets have closed in the red for the past three trading sessions.

The International Monetary Fund (IMF) said that India is doing better and is in a relatively good position compared to other countries, which is supporting market momentum.

The IMF, in its World Economic Outlook, on Tuesday revised its estimate of India’s GDP growth rate to 6.8% in 2022.

Crude oil prices have continued to fall as investors worry about global demand amid recession fears and rising Covid-19 cases in China. The price of Brent was trading at $93 a barrel today.

In domestic markets, HCL Technologies was among the top gainers on the Nifty50 index ahead of the release of its second quarter results today, later in the evening. Wipro is also expected to announce its second quarter results today.

National Standard, Sterling and Wilson Renewable Energy, NXTDigital, Mangalam Industrial Finance and Standard Capital Markets are among the companies that will announce their quarterly results today.

Top Winners % change Main losers % change
Power Grid Corporation of India 2.57% CGSB -0.99%
HCL Technologies 2.33% Bharti Airtel -0.70%
BPCL 2.17% Asian Paintings -0.62%
M&Ms 1.57% Adani Enterprises -0.26%
NTPC 1.30% Apollo Hospitals -0.25%

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