Oil prices continued to rise in early Asian trade on Tuesday after the European Union said it had agreed to cut 90 per cent of oil imports from Russia by the end of this year. Brent Crude futures were above $122 a barrel this morning.
The US markets were shut for trading on Monday; however, the futures this morning were seen trading with losses up to 0.5 per cent. Elsewhere in Asia, Nikkei, Kospi and Taiwan were down up to 0.6 per cent.
Back home, market action will remain stock specific as investors will take note of Q4 results of LIC, Delhivery, Sun Pharma and several others.
The state-run insurance giant LIC has reported a 39.4 per cent growth in profit at Rs 4,043.12 crore in FY22 from Rs 2,900.56 crore in FY21. Net profit for the quarter ended March 2022 stood at Rs 2,371.55 crore.
While, Delhivery has reported an EBITDA of Rs 81 crore in Q4FY22 as against a net loss of Rs 40 crore. Total income more-than-doubled to Rs 2,072 crore from Rs 1,003 crore.
That said, another crucial event for the day remains the Q4 GDP growth data, which will be closely tracked amid soaring inflation and muted industrial output.