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Early Session: Key Indian equity indices open lower

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Key Indian equity indices opened lower on Tuesday in line with their Asian peers, as the steep fall in crude oil prices the day before dented energy shares globally and pulled down the markets.

Against the previous close at 25,530.11 points, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 25488.42 points.

Within minutes into trading, the key index was ruling at 25,434.86 points, with a loss of 95.2 points, or 0.37 percent.

At the National Stock Exchange (NSE), the broader 50-share Nifty was ruling at 7,738.65 points with a loss of 26.75 points, or 0.34 percent, over the previous close at 7,765.40 points.

The main reason for the poor sentiments were the continuing fall in the global crude oil prices — which remained close to seven-year lows in the early trades of Tuesday in the Asian markets.

At Friday’s meeting of the Organisation of the Petroleum Exporting Countries (OPEC), there was no agreement on production cuts.

On Monday, after opening higher, both the two key indices dipped successively to finally end the day in the red.

The 30-share Sensex fell by 108 points, or 0.42 percent, while the Nifty fell 16.50 points, or 0.21 percent.

“Indian market continued to slide for the fourth day as foreign fund selling amid growing fears over the interest rate hike in the US this month kept investors nervous,” Angel Broking said in an analysis, ahead of the opening bell on Tuesday.

In the Asia Pacific region, Japan’s Nikkei, Australia’s S&P/ASX 200, Hong Kong’s Hang Seng, China’s Shanghai Composite and South Korean Kopsi were all down in early trades on Tuesday.

As regards the US, the brokerage said the negative close on Monday on due to the weakness was on the back of resource and energy stocks coming under pressure, amid notable decline in commodities and oil prices.

“Selling pressure was also generated by concerns about the outlook for monetary policy ahead of next week’s Federal Reserve meeting.”

The European markets were affected both by developments closer home and in the global oil markets.

“Sparked by European Central Bank President Mario Draghi’s dovish comments on Friday, European markets rallied in early trade yesterday. But the markets pulled back on account of decline in oil prices and weaker opening in the US markets,” the Angel Broking report added.

Wefornews Bureau

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Nizamuddin Railway station employee found corona positive

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New Delhi, April 8 (IANS) A 59-year-old employee of Indian Railways who is posted at the Nizamuddin station has been tested positive for coronavirus. The man has a few months left for retirement.

According to the Northern Railway, he was undergoing treatment at Central Hospital of Northern Railway, due to which 15 employees including doctors have also been infected in this hospital. This employee came to the hospital on March 31 and thereafter on April 2 due to poor health. Initially, there were no traces of coronavirus in him.

Deepak Kumar, Public Relations Officer of Northern Railway, said: “On April 2, when the man came to be hospitalized, the doctors suggested him to undergo MRI and CT scan tests. On April 6, when his report came, he was found positive for coronavirus. The patient has been sent to Rammanohar Lohia Hospital.”

Meanwhile, all 15 people of the Northern Railway Central Hospital, who came in contact with the corona-affected railway staff, have been kept in isolation. These people include doctors and nurses.

The infected railway staff works as a supervisor at the Nizamuddin railway station, hence, doesn’t come in direct contact with the people.

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Crowds at UP banks as lockdown extension appears possible

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Lucknow, April 8 (IANS) With newspapers and television channels announcing the possibility of the national lockdown being extended, people, on Wednesday, started rushing to the banks that witnessed substantial crowds.

The police in Uttar Pradesh had a tough time ensuring social distancing outside the banks.

The bank staff also tried to persuade the customers to stand at circled spots to ensure social distancing. However, since most banks do not have shades or porches, the customers were obviously uncomfortable standing in the sun.

Most of the customers at nationalized bank branch in Hazratganj area were senior citizens.

One of them said, “I have been standing here for about 40 minutes. There is no bench or chair for us. Moreover, the sun is right above our heads. There is no problem in waiting but some facilities should be made for senior citizens.”

Another customer, meanwhile, admitted that he had come to withdraw money after learning that the lockdown is likely to be extended.

“My pension has not come till now but I am going to withdraw money from my account because everything is being sold at a premium in the lockdown,” he said.

A police inspector, managing crowds outside another bank, said, “We understand their problem but they should also understand the need for social distancing. We are not enjoying this duty but rules have to be followed.”

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Markets open in red on Wednesday

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Sensex equity Nifty

Mumbai, April 8: The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade.

The Sensex of the BSE opened at 29,701.92 points and touched a high of 29,916.22. The Sensex touched a low of 29,602.94 points.

On Tuesday the Sensex closed at 30,067.21 points.

The Sensex is trading at 29,743.07 down by 324.14A points or 1.08 per cent.

On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 8,688.90 points after closing at 8,792.20 points.

The Nifty is trading at 8,728.60 points in the morning.

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