Business News Live: Sensex, Nifty open lower

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Sensex, Nifty open lower

The Indian benchmark equity indices, Sensex and Nifty opened the October series on a negative note. At 9:17 IST, the Sensex fell 0.67% or 394.26 points to 58732.10 and the Nifty was down 0.62% or 110 points at 17508.20 points.

About 807 shares advanced, 981 declined and 117 remain unchanged.

Oil slips as OPEC+ weighs output boost

Oil prices dropped on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, Reuters reported.

U.S. West Texas Intermediate (WTI) crude futures slipped 5 cents to $74.98 a barrel, though the contract remained on track to post its sixth consecutive week of gains.

Brent crude futures fell 7 cents, or 0.1%, to $78.24 a barrel, but was still heading for a small rise on the week, marking a fourth straight week of gains.

Asian stocks extend global slide

Asian equities followed Wall Street sharply lower as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked, Reuters reported.

Japan’s Nikkei tumbled 1.86%, while the broader Topix slid 1.95%. Australian stocks slumped 2.05% and South Korea’s Kospi lost 1.51%.

An MSCI index of Asia-Pacific stocks dropped 1.07%. Chinese markets are closed for a week from Friday for the Golden Week holiday.

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