Indian equity benchmarks are expected to trade higher on Wednesday in opening deals due to a fall in global oil prices. Market participants also awaited September’s retail inflation data and quarterly results of IT firms (HCL Tech and Wipro), later in the day.
Asian stocks plunged to nearly two-year lows, in line with an overnight decline on Wall Street. Japan’s Nikkei index fell 0.14 per cent, South Korea’s KOSPI declined 0.37 per cent, Hong Kong’s Hang Seng Index plunged 2.03 per cent and Shanghai Composite cracked 1.10 per cent higher.
The S&P 500 and Nasdaq Composite fell 0.65 per cent and 1.10 per cent, respectively, though the Dow Jones Industrial Average managed to close up 0.12 per cent.
Oil prices fell for a third straight session today, as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening Covid-19 curbs in China. India, the world’s third-largest oil importer, benefits from a fall in prices, as it brings down imported inflation.
The benchmark BSE Sensex had slumped 844 points or 1.46 per cent to settle at 57,147 on Tuesday, while the broader NSE Nifty had moved 257 points or 1.49 per cent lower to close at 16,984.
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