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Indian shares dipped at open on Monday, as oil prices jumped following China's unwinding of Covid-19 restrictions, while investors awaited the Reserve Bank of India's monetary policy decision due later in the week.
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OPEC+ Latest: Group agrees to keep oil production unchanged
The group has started implementing the hefty 2 million barrel-a-day reduction agreed at its October gathering and its impact is unclear amid severe gyrations in pricesThe S&P BSE Sensex opened 0.09 per cent down to 62,809, as of 9:16 a.m. The NSE Nifty 50 index fell 0.08 per cent to 18,683.
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ESIC to invest surplus funds in stock market through ETFs
ESIC gave its approval due to relatively low returns on investments in various debt instruments coupled with the need to diversify investmentOil prices rose after OPEC+ held its output targets in its meeting on Sunday and easing China curbs offered hopes of a rebound in fuel demand.
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Stocks that will see action on December 5, 2022
NDTV, Hindustan Aeronautics, SJVN, Apollo Tyres, UltraTech Cement, JK Cement, Ion Exchange, Indo Count Industries, Dilip Buildcon, Chemfab Alkalis, West Coast Paper, Amara Raja Batteries, Sanghi Industries, Avanti Feeds, Centrum CapitalRise in oil prices is a negative for oil-importing countries like India, where crude oil constitutes the most in the country's import bill.
More Chinese cities announced the easing of coronavirus curbs on Sunday as Beijing tries to make its zero-Covid policy more targeted after recent protests against restrictions.
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Nifty, Sensex may open flat on mixed global cues
Traders await clear clues as focus shifts to forthcoming RBI meetNifty Metal index was the top sectoral gainer, adding 1.11 per cent, led by Hindalco, National Aluminium. The rise in metal stocks comes amid renewed hopes of demand revival in China, a key importer of metals.
Indian markets are also focused on the central bank's monetary policy decision, which is due on Wednesday. The RBI is expected to raise interest rates by a smaller 35 basis points to 6.25 per cent.
On Friday, Wall Street equities closed lower as investors digested a stronger-than-expected jobs report, which raised concerns about the U.S. central bank's ability to moderate rate hikes.
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