Sensex opens lower while Asian markets recover, FTSE 100 declines 1 per cent

Oil prices fell by 3 per cent after Chinese economic data and reports of declining demand

A pedestrian walks past a stock indicator displaying the Nikkei 225 of the Tokyo Stock Exchange (C, top) and other world stock markets in Tokyo on Monday (AFP via Getty Images)

Stocks in India opened with mild losses and traded flat for the initial hour on Tuesday amid mixed cues from Asian markets while oil prices recovered from the previous day’s fall, capping losses.

Sensex lost the levels of 55,800 and traded above 55,600, while Nifty was also below 16,600.

Asian markets recovered slightly on Tuesday morning after yesterday’s profit booking triggered by China’s weak economic data. Japan, Hong Kong and Shanghai markets are all trading in the green, however, witnessing a volatile session.

Oil prices extended losses on Monday, declining as much as 3 per cent, third straight session fall after Chinese data.

Stocks at Wall Street witnessed an initial sell-off following the release of Chinese data, however, the premium indices recovered in the later hours and posted record closings. The S&P 500 ended 0.3 per cent higher, its 49th record close of the year, the Dow Jones Industrial Average also rose 0.3 per cent and ended the trading day at its 35th record close of 2021. The tech-heavy Nasdaq Composite declined 0.2 per cent.

London’s FTSE 100 fell by almost a per cent on Monday following a 3 per cent decline in oil prices and a sell-off triggered in Asian and the US markets after weak Chinese data.

The UK index of the biggest shares closed down over 64 points, or 0.9 per cent, at 7,153, off the session peak of 7,218 and above the low of 7,117. Insurer Prudential and Burberry group were the biggest drags on the index declining over 3 per cent each.

The mid-cap FTSE 250 declined 0.3 per cent.

Meanwhile, in Europe, the DAX waned 0.6 per cent and the CAC was 1 per cent lower.