MapmyIndia's initial public offering (IPO) opens for public subscription today. The three-day issue with a price band of ₹1000-₹1033 per share will close on December 13. The US will post inflation numbers this week while a federal reserve meeting next week might help gain clarity on tapering and interest rate increase.
U.S. House passes bill to ban imports from China's Xinjiang
The U.S. House of Representatives passed legislation to ban imports from China’s Xinjiang region over concerns about forced labor as Washington continues its pushback against Beijing's treatment of its Uyghur Muslim minority.
While the House backed the "Uyghur Forced Labor Prevention Act" by an overwhelming 428-1, it must also pass the Senate and be signed by President Joe Biden ti become a law.
China denies abuses in Xinjiang, but the U.S. government and many rights groups say Beijing is carrying out genocide there.
Markets update | Sensex rises over 200 points, Nifty above 17,500
The Indian benchmark equity indices, Sensex and Nifty opened higher amid positive global cues. The Sensex rose 202.10 points or 0.34% to 58851.78 and the Nifty was up 57.40 points or 0.33% at 17527.20.
Most Asian stocks rose as investors believed the global recovery will be resilient to the new Omicron coronavirus variant.
MSCI Inc.’s gauge of Asia Pacific shares outside Japan gained advanced for a third day with Hong Kong leading the advance.
The S&P 500 rose 0.3% and the Nasdaq 100 gained 0.4%. Australia’s S&P/ASX 200 Index advanced 0.2% while Hang Seng Index rose 1.2%. Shanghai Composite Index rose 0.1% and Euro Stoxx 50 futures gained 0.4%.
Oil gains as Omicron fear ease
Oil prices rose on confidence that the Omicron coronavirus variant would not dent global growth despite some governments stepping up curbs to stop its rapid spread.
U.S. West Texas Intermediate (WTI) crude futures rose 28 cents, or 0.4%, to $72.64 a barrel and Brent crude futures gained 22 cents, or 0.3%, to $76.04 a barrel.
Markets cheered up after BioNTech and Pfizer said a three-shot course of their COVID-19 vaccine may protect against infection from the Omicron variant.
---- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)