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On the BSE, the oil gas index gained 1.5 percent and the auto index 0.6 percent but the metal index was down 1.4 percent
Meanwhile, Group of Seven(G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow’s military offensive in Ukraine without disrupting global oil markets.
Mobility data in China is showing the impact of a resurgence in COVID-19 cases,” ANZ analysts wrote in a research note Monday. “This remains a headwind for oil demand that, combined with weakness in the U.S. dollar, is creating a negative backdrop for oil prices.
In an attempt to bolster China’s slowing economy – which has struggled under its stringent COVID restrictions – the nation’s central bank said on Friday that it would cut the reserve requirement ratio (RRR) for banks by 25 basis points (bps), effective from Dec. 5.
The trading range of the index also widened a bit as it oscillated in the 401.55-point range while staying a whisker away from lifetime high. Following strong moves in the last two sessions, the headline index Nifty ended with a net gain of 205.1 points (+1.12%).
With the financial services sector performing well in the recent past, and indicating a potentially sharp upside over the long term, as a savvy investor, you may consider moving beyond banking stocks and stepping up your portfolio by building positions in these financial services heavyweights.
12 stocks (comprising 36 percent of Index weight) have generated positive returns while others have declined from the prices they were trading at when the Sensex had hit its previous all-time high last year.
The S&P 500 has gained an average of 1.6% during December, the highest average of any month and more than double the 0.7% gain of all months, according to data from investment research firm CFRA. September, meanwhile, is the worst month of average for stocks, with a 0.7% average decline.
The Dow Jones Industrial Average rose 19.0 points, or 0.06%, at the open to 34213.04