STOCKS: The benchmark BSE Sensex rose 445.73 points, or 0.77%, to 58,074.68, while the broader NSE index gained 119.1 points, or 0.70%, to 17,107.5 as financials stocks rallied following a raft of measures to stabilise the global banking sector.
- Canada's benchmark stock index extended gains for a second-straight session on Tuesday to its highest in a week, helped by gains in energy and financial shares, after data showed consumer inflation in February had eased more than expected.
By Eric Onstad. Copper prices climbed on Tuesday on signs of firmer demand, less disquiet over the global banking sector and hopes that the U.S. central bank will scale back increases to interest rates. Three-month copper on the London Metal Exchange gained 1.6% to $8,833.50 a tonne by 1115 GMT, having fallen into the red earlier in the session.
The Indian rupee ended little changed on Tuesday, as investors were wary ahead of a pivotal U.S. Federal Reserve bank meeting decision, amid major economies grappling with a banking sector crisis. The rupee ended at 82.6550 per dollar, compared to its previous close of 82.6350. It moved in a narrow 15 paisa range all day.
STOCKS: The benchmark BSE Sensex rose 445.73 points, or 0.77%, to 58,074.68, while the broader NSE index gained 119.85 points, or 0.71%, to 17,108.25, as financials stocks rallied following a raft of measures to stabilise the global banking sector provided temporary relief.
The dollar steadied and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. Investors remained concerned over the fate of the banking sector after U.S. lender First Republic shares tumbled nearly 50% on Monday on fears it will need a second rescue.
* European banks rally over 3% * * Thyssenkrupp climbs on report of interest in steel division. By Sruthi Shankar. European shares rose over 1% on Tuesday, with banking stocks leading the recovery following a raft of measures to stabilise the sector, while investors hoped for less-aggressive moves by the U.S. Federal Reserve at its policy meeting this week.
The head of Emirates said Indian airlines would lose financially as a result of traffic quotas between India and the United Arab Emirates, which the Dubai carrier believes should be increased.
Bankers in London braced for hundreds of potential job losses and a hit to Britain's already-dented financial sector after the historic rescue of Credit Suisse by Swiss rival UBS. Credit Suisse staff had already been seeking to jump ship in recent weeks, sources told Reuters.
China is facilitating easier access to subsidies and more control over state-backed research for a handful of its chip companies, the Financial Times reported on Tuesday.
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