Stock market live updates: Sensex, Nifty up as financials gain, inflation fears ease

Sensex, Nifty edged up on Wednesday, as strong quarterly performance from top non-banking financial company Bajaj finance boosted financial stocks and a drop in crude prices eased inflation worries.The NSE Nifty 50 index rose 0.4% to 15,869, while the S&P BSE Sensex was up 0.56% at 53,433.16.

The central parity rate of the Chinese currency renminbi, weakened 260 pips to 6.7246 against the US dollar Wednesday, media reported citing the foreign exchange trade system. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day.

Domestic LPG cylinder will now cost Rs 1053 in Delhi. 5kg domestic cylinder price increase by Rs 18/cylinder. 19kg commercial cylinder prices decreased by Rs 8.50.

India’s crucial services sector expanded at its fastest pace in 11 years as demand conditions strengthened but price pressures continued to pose a concern, a survey showed on Tuesday.Rising from 58. 9 in May to 59. 2 in June, the S&P Global India Services PMI business activity index was at its highest mark since April 2011 and signalled a steep rate of increase. The acceleration in growth was broad-based across the four monitored sub-sectors. According to panellists, the upturn stemmed from ongoing improvement in demand following the retreat of pandemic restrictions, capacity expansion and a favourable economic environment. The survey is compiled from responses to questionnaires sent to a panel of around 400 service sector companies.

Indian equity markets may open in the green tracking SGX Nifty. The NSE Nifty ended 24 points lower at 15,810 levels whereas BSE Sensex shed 100 points and closed at the 53,234 mark on Tuesday. Asia-Pacific shares fell at the open on Wednesday.

Hong Kong stocks fell at the start of trade Wednesday following a see-saw day on Wall Street, as recession fears continue to weigh on sentiment, though tech firms provided some support.The Hang Seng Index slipped 0.35 percent, or 75.43 points, to 21,777.64.The Shanghai Composite Index lost 0.38 percent, or 13.00 points, to 3,391.03, while the Shenzhen Composite Index on China's second exchange eased 0.30 percent, or 6.64 points, to 2,226.34.

Leaders of the US Senate Intelligence Committee on Tuesday called for an investigation into whether Chinese officials are getting access to data about US users of video-snippet sharing sensation TikTok.In a letter to Federal Trade Commission (FTC) chairwoman Lina Khan, the senators urged her to scrutinize how well TikTok safeguards private data."We write in response to public reports that individuals in the People's Republic of China have been accessing data on US users, in contravention of several public representations," the letter said.

Tokyo stocks opened lower Wednesday after a mixed close on Wall Street as lingering recession fears caused a rout on European bourses.The benchmark Nikkei 225 index was down 0.79 percent, or 209.58 points, at 26,213.89 in early trade, while the broader Topix index was down 0.69 percent, or 12.94 points, at 1,866.18.A slumping euro and tumbling European stocks overnight due to concerns over European economies "affected the post-holiday US shares", which in turn weighed on the Tokyo market, Okasan Online Securities said in a note.In New York, the Dow fell as recession fears pounded petroleum-linked equities, but tech shares rallied, with markets eyeing the possibility of smaller interest rate hikes in light of the weakening economic outlook.

Investors are also looking ahead to the next round of corporate earnings for a clearer picture of inflation's impact. Several big companies recently warned that their financial results are being squeezed by inflation, including spice and seasonings maker McCormick.

Inflation has been squeezing businesses and consumers throughout the year, but tightened its grip after Russia invaded Ukraine in February. The invasion sent oil prices higher globally and sent gasoline prices in the US to record highs. That prompted a pullback in spending from consumers struggling with higher prices on everything from food to clothing.

Stocks remain in a slump that pulled the S&P 500 into a bear market last month, meaning an extended decline of 20% or more from a recent peak. The market's performance in the first half of 2022 was the worst since the first six months of 1970.

Stock indexes on Wall Street ended with meager gains Tuesday, as a late-afternoon rally led by technology companies stemmed the market's losses after an early slump.