The stock markets have opened in the red an account of negative global cues. At 9:17 am, the BSE Sensex was at 49,732.50, weaker by 300 points or 0.59 per cent and the NSE Nifty was at 14,733.50, down 79.95 points or 0.54 per cent.
US stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden’s $1.9 trillion relief bill weighed on investors who also fear further downside in the market.
The Dow Jones Industrial Average fell 308.05 points, or 0.94 per cent, to 32,423.15 and the S&P 500 lost 30.07 points, or 0.76 per cent, to 3,910.52. The Nasdaq Composite dropped 149.85 points, or 1.12 per cent, to 13,227.70.
On the IPO front, Anupam Rasayan will list on the bourses today i.e. March 24. The specialty chemicals company had raised Rs 760 crore through its public issue. And dining restaurant chain operator Barbeque Nation Hospitality will open its initial public offering for bidding today.
Meanwhile, oil prices edged higher on Wednesday as investors looked for bargains following the previous day’s plunge, but gains were capped as pandemic lockdowns in Europe and a build in U.S. crude stocks curbed risk appetite and raised oversupply fears.
Brent crude futures rose 27 cents, or 0.4 per cent, to $61.06 a barrel by 0108 GMT. West Texas Intermediate (WTI) crude futures climbed 19 cents, or 0.3 per cent, to $57.95 a barrel.
On Tuesday, the BSE Sensex had reclaimed the 50,000-mark to settle at 50,051.44, up 280.15 points and the NSE Nifty was up 78.40 points at 14,814.80.