Markets open in the green despite weak global cues

• Sensex was up 179 points at 57,327 while Nifty50 was 55 points higher at 17,038 in early morning trade.
• The International Monetary Fund (IMF) said that India is in a relatively good spot as compared to other countries.
• Crude oil prices continued to fall as investors fret over global demand amid recession fears and rising Covid-19 cases in China.

Indian benchmark indices opened in the green on Wednesday despite weak cues from global markets. US markets ended sharply lower after the Bank of England chief said that it would end emergency intervention in the UK bond market by Friday.

Nasdaq-100 ended 1.24% lower on Tuesday while Asian markets inducing Nikkei 225, Taiwan’s index were trading flat to negative.

Sensex however was up 179 points at 57,327 while Nifty50 was 55 points higher at 17,038 in early trade. The stock exchanges have closed in the red for the last three trading sessions.

The International Monetary Fund (IMF) said India is doing better and is in a relatively good spot as compared to other countries and that’s supported market momentum.

The IMF, in its World Economic Outlook, revised its India’s GDP growth rate estimate to 6.8% in 2022, on Tuesday.

Crude oil prices continued to fall as investors fret over global demand amid recession fears and rising Covid-19 cases in China. Brent crude price was trading at $93 per barrel today.

In domestic markets, HCL Technologies was among top gainers on the Nifty50 index ahead of its second quarter earnings release today, later in the evening. Wipro too is slated to announce its Q2 results today.

National Standard, Sterling and Wilson Renewable Energy, NXTDigital, Mangalam Industrial Finance and Standard Capital Markets are among companies that will announce their quarterly earnings today.

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