<p>Crude oil prices in the international markets cooled down to a 13-month low as fears of subdued demand in China amid the outbreak of the coronavirus weighed heavily on the global markets.</p>.<p>Oil prices fell to the lowest in more than a year on Monday, dragged by concern over demand in China after the coronavirus outbreak. Brent crude was down $1.82 at $54.80 a barrel by 11.33 am EST (16.33 GMT), the lowest since January last year.</p>.<p>Crude oil prices in the international markets cooled down to a 13-month low as fears of subdued demand in China amid the outbreak of the Coronavirus weighed heavily on the global markets.</p>.<p>Oil prices fell to the lowest in more than a year on Monday, dragged by concern over demand in China after the coronavirus outbreak. Brent crude was down $1.82 at $54.80 a barrel by 11:33 am EST (1633 GMT), the lowest since January last year. </p>.<p>As per a report, the world’s biggest crude oil importer, refiner Sinopec Corp, plans to cut throughput in February by about 600,000 barrels per day (bpd), or 12%, the steepest cut in more than a decade.</p>.<p>This coupled with the fact that budget hangover is over, propelled Indian equity markets on Tuesday to wipe out the Budget day losses surging by 2.3%.</p>.<p>The 30-share index of the Bombay Stock Exchange (BSE) -- BSE --opened in green and continued to witness heavy buying throughout the day. The index closed at the pre-budget level of 40,789.38, gaining 917.07 points (2.30%).</p>.<p>The overall market breadth was also heavily positive -- with 1,618 advances, as against 885 declines. As the markets witnessed heavy levels of buying, the wealth of equity investors surged by a whopping Rs 2.86 lakh crore. </p>.<p>Similarly, the broader exchange, 50-share NSE Nifty surged by 271.75 points (2.32%) to 11,979.65 points. </p>.<p>All the sectoral indices on the NSE closed on the green after the day’s trade. Metal (3.32%), Financial Services (2.87%) and Realty (2.77%) were the biggest gainers during the day’s trade. </p>.<p>“With the Budget overhang gone, investors are breathing a sigh of relief and are back to make fresh calls. Additionally, January auto sales numbers were comparatively decent and with no other negative news, the Indian bourses saw a sudden rally,” said Umesh Mehta, Head of Research at Samco Securities. Investor sentiment also got a fillip from the manufacturing sector rising to an eight-year high in January. The widely-tracked IHS Markit India Manufacturing purchasing managers’ index (PMI) rose from 52.7 in December to 55.3 in January.</p>.<p>Similarly, the rupee has extended the morning gains and trading higher at 71.15 per dollar. However, the rupee pared most of its gains and closed with a gain of 6 paise against the greenback at 71.25.</p>
<p>Crude oil prices in the international markets cooled down to a 13-month low as fears of subdued demand in China amid the outbreak of the coronavirus weighed heavily on the global markets.</p>.<p>Oil prices fell to the lowest in more than a year on Monday, dragged by concern over demand in China after the coronavirus outbreak. Brent crude was down $1.82 at $54.80 a barrel by 11.33 am EST (16.33 GMT), the lowest since January last year.</p>.<p>Crude oil prices in the international markets cooled down to a 13-month low as fears of subdued demand in China amid the outbreak of the Coronavirus weighed heavily on the global markets.</p>.<p>Oil prices fell to the lowest in more than a year on Monday, dragged by concern over demand in China after the coronavirus outbreak. Brent crude was down $1.82 at $54.80 a barrel by 11:33 am EST (1633 GMT), the lowest since January last year. </p>.<p>As per a report, the world’s biggest crude oil importer, refiner Sinopec Corp, plans to cut throughput in February by about 600,000 barrels per day (bpd), or 12%, the steepest cut in more than a decade.</p>.<p>This coupled with the fact that budget hangover is over, propelled Indian equity markets on Tuesday to wipe out the Budget day losses surging by 2.3%.</p>.<p>The 30-share index of the Bombay Stock Exchange (BSE) -- BSE --opened in green and continued to witness heavy buying throughout the day. The index closed at the pre-budget level of 40,789.38, gaining 917.07 points (2.30%).</p>.<p>The overall market breadth was also heavily positive -- with 1,618 advances, as against 885 declines. As the markets witnessed heavy levels of buying, the wealth of equity investors surged by a whopping Rs 2.86 lakh crore. </p>.<p>Similarly, the broader exchange, 50-share NSE Nifty surged by 271.75 points (2.32%) to 11,979.65 points. </p>.<p>All the sectoral indices on the NSE closed on the green after the day’s trade. Metal (3.32%), Financial Services (2.87%) and Realty (2.77%) were the biggest gainers during the day’s trade. </p>.<p>“With the Budget overhang gone, investors are breathing a sigh of relief and are back to make fresh calls. Additionally, January auto sales numbers were comparatively decent and with no other negative news, the Indian bourses saw a sudden rally,” said Umesh Mehta, Head of Research at Samco Securities. Investor sentiment also got a fillip from the manufacturing sector rising to an eight-year high in January. The widely-tracked IHS Markit India Manufacturing purchasing managers’ index (PMI) rose from 52.7 in December to 55.3 in January.</p>.<p>Similarly, the rupee has extended the morning gains and trading higher at 71.15 per dollar. However, the rupee pared most of its gains and closed with a gain of 6 paise against the greenback at 71.25.</p>