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FTSE 100 advances but gains capped by concerns of rising Covid cases, Sensex trades 100 points higher

FTSE 100 advances but gains capped by concerns of rising Covid cases, Sensex trades 100 points higher
Big tech companies help S&P and Nasdaq gain overnight, Asian stocks open higher

London’s FTSE 100 ended higher on Tuesday as mining and retail stocks advanced, however, rising cases of a new Covid-19 variant in Europe and Asia stoked fears of slower economic recovery.

The blue-chip FTSE 100 ended 14 points or 0.2 per cent higher at 7,087. The domestically focused FTSE 250 ended marginally higher, advancing by nine points.

Mining stocks, including Glencore, Rio Tinto, and BHP, provided the biggest boost to the index. While the rising cases of Delta variant in Europe cautioned investors, it also provided boost to online retail stocks like Just EatTakeaway.com and Ocado Group which rose 1.7 per cent and 0.7 per cent, respectively.

Major US stock closed positive on Wall Street on Tuesday, as gains in big tech companies like Apple and Microsoft led the S&P 500 and the Nasdaq composite to close 0.1 per cent and 0.2 per cent higher. The Dow Jones Industrial Average rose less than 0.1 per cent.

On Wednesday, Asian markets opened positive as investors await China’s manufacturing activity data. The Shanghai Composite is trading 0.2. per cent higher, while Japan’s Nikkei 225 traded around the flatline.

India’s BSR Sensex opened a hundred points higher following a positive momentum provided by global peers. The NSE Nifty 50 also advanced above 15,800.

Additional reporting by agencies