Business News Live: Sensex, Nifty open flat

Top news of the day from the world of business, finance and economy

Sensex, Nifty open flat

The Indian equity benchmark indices opened on a flat note tracking weakness in Asian markets amid mixed global ciues.

 At 9:16 IST, the Sensex was up 0.07% at 59.456.56 and the Nifty was up 0.05% at 17,719.40.

Oil falls after U.S. inventories post surprise gain

Oil prices fell after official figures showed an unexpected rise in inventories in the United States although prices seem to have stabilised following a recent run of gains, Reuters reported.

Brent crude was down 11 cents at $78.53 a barrel while U.S. oil fell 5 cents to $74.78 a barrel.

U.S. oil and fuel stockpiles increased last week, the U.S. Energy Department’s Energy Information Administration (EIA) said on Wednesday.

Asian stocks steady as calm returns

Asian shares found some calm following this week’s heavy China-driven losses although the dollar sat at a more than one-year high against major peers, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.06%, while the Nikkei lost 0.36% a day after Japan’s ruling party chose softly spoken consensus-builder Fumio Kishida as its new leader and the country’s new prime minister.

Hong Kong stocks fell 1% but these were balanced by a 1.1% rise in Australia. Chinese blue chips gained 0.5% after data published showed China’s services sector returned to expansion in September after COVID-19 outbreaks receded.

Source: Read Full Article