Share markets in India have erased all the early gains and are presently deep in the red.
Benchmark indices opened higher tracking the trend on SGX Nifty and following support from positive global markets.
However, benchmark indices saw a sharp fall and the weakness spilled across broader markets as well.
The reasons behind this fall could be rising crude oil prices and the US-China tensions.
Crude oil prices rose today, bouncing off multi-month lows in the previous session caused by data signalling weak US fuel demand.
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Meanwhile, starting today, China has said that it will carry out five days of “necessary and just” military drills in the seas around Taiwan following US House Speaker Nancy Pelosi’s trip to the island.
The Chinese Foreign Ministry also summoned the US ambassador to China, Nicholas Burns, on Wednesday to protest Pelosi’s visit as a “serious provocation and violation” of the one-China principle.
In opening trade today, the BSE Sensex rallied as much as 350 points while the broader NSE Nifty topped 17,490-mark.
Broader indices also came under pressure as the BSE midcap and smallcap index fell 1%.
Majority of sectoral indices were trading in green in the morning, but the case is exact opposite now.
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Speaking of stock markets, Chartist Brijesh Bhatia shares how to select the best penny stocks for 2022, in his latest video for Fast Profits Daily.
Penny stocks have been a rage in the stock market for the last two years. Despite all the volatility in these stocks, they remain very popular.
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More details to follow in the upcoming commentary.
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Indian Share Market Update: Top Gainers and Losers
What else is happening in the markets today? Dig in…
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