Share market update: After negative opening, Sensex recovers low; Nifty moves above 10,500 mark

Share market update: After opening on a negative mark, domestic benchmark indices Bombay Stock Exchange (BSE) Sensex and Nifty50 recovered the losses with Sensex moving 34,800 points and Nifty moving past the 10,500 mark. Both Sensex and Nifty opened negative on Tuesday morning following a large scale global sell-off roiled stock markets worldwide. The 30-share Sensex dropped 100 points in early trade to 34,672.20 points whereas broader Nifty50 trading below the psychological 10,450 mark. As per market reports, sectors such as banks, energy, automobiles and IT were trading in red. In the broader markets, midcaps are trading on higher note. The Nifty Midcap index is down by 0.40 per cent. Stocks of Bharti Airtel, Coal India, HPCL and IOC are the top gainers, while Tata Motors, ICICI Bank, and Eicher Motors have lost the most. According to a report by news agency Reuters, the SGX Nifty was trading 50 points lower this morning, indicating a tepid start for Sensex and Nifty. Majority of Asian shares slipped on Tuesday morning after a rout in tech stocks put Wall Street to the sword. Even sharp drop in oil prices and political risks in Europe pushed the dollar to 16-month highs as investors dumped riskier assets, the agency reported further. Equity benchmarks have opened higher in pre-opening trade, with the Sensex rising over 100 points. The Nifty was trading at around 10,500. Even the Indian rupee opened higher at 72.79 per US dollar. Oil prices fell by more than 1 per cent on Tuesday, with Brent crude sliding below USD 70 and WTI below USD 60 per barrel, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market, reported Reuters. Shares of leading oil companies such as HPCL, BPCL and IOC were among the major gainers on Tuesday morning after global crude oil prices fell. Shares of auto companies such as Tata Motors, Bajaj Auto and Eicher Motors remained under pressure after weak festive season sales this time around. Even the Wall Street closed with heavy losses on Monday evening.