Business news live: Oil steadies after gains

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Three major IPOs (Initial Public Offering) will hit the markets this week. Paytm, Sapphire Foods and Latent View Analytics are aiming to raise nearly Rs 21,000 crore. Paytm’s 18,300-crore IPO, the largest-ever public issue in the history of India, opened yesterday and was subscribed 18% on the first day of bidding. The retail portion was subscribed 78%.

Oil steadies after gains

Oil prices steadied after gaining for two sessions as a U.S. infrastructure bill, Chinese exports and the global post-pandemic recovery lifted the outlook for fuel demand.

Brent crude fell 3 cents to $83.40 a barrel while the U.S. oil was up 1 cent at $81.94. 

U.S.’s long-delayed $1 trillion infrastructure bill coupled with better-than-expected Chinese exports brought optimism about a more expansive global economy.

Markets update | Sensex opens flat

Indian benchmark equity indices opened flat amid mixed global cues. At 9:16 IST, the Sensex was down 0.08% at 60499.93 and the Nifty was up 0.50 points or almost 0% at 18069.

Asian shares rose on the back of US equities after a US infrastructure bill boosted sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3% and  Japan’s Nikkei stock index rose 0.06%. Besides, China’s blue-chip CSI300 index was 0.33% higher in early trade and Hong Kong’s Hang Seng index opened up 0.65%.

However, Australian shares were down 0.12%.

—-  Edited by John Xavier

(With inputs from Reuters, PTI and other news agencies.)

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