The Sensex and Nifty were in the red on Tuesday morning amid a steep rise in oil prices and weak Asian markets. Oil prices continued to rise in early Asian trade on Tuesday after the European Union said it had agreed to cut 90 per cent of oil imports from Russia by the end of this year. Brent Crude futures were above $122 a barrel this morning.
The stock market in the US was closed on Monday on account of Memorial Day. Likewise, there was be no trading in Treasuries as well as the US bond market. However, the stock futures traded, albeit only till 1:00 pm ET.
Tokyo stocks opened lower on Tuesday after strong rallies in the previous session and with investors eyeing Chinese economic indicators due later in the day. The benchmark Nikkei 225 index was down 0.25 per cent, or 69.75 points, at 27,299.68 in early trade, while the broader Topix index slipped 0.31 per cent, or 5.93 points, to 1,916.51.
Hong Kong stocks opened slightly lower Tuesday morning as traders took a breather after two days of heavy buying that lifted the market around five percent. The Hang Seng Index dipped 0.08 per cent, or 17.52 points, to 21,106.41. The Shanghai Composite Index was barely moved, adding 0.88 points to 3,149.94, while the Shenzhen Composite Index on China’s second exchange was also flat, inching up 0.81 points to 1,976.70.
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