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DLF, Ceat, Bajaj Auto, SBI most active; Sensex volatile

11:00

The News International Team

11:30am Oil marketing companies’ shares rally

Oil retailers IOC, BPCL and HPCL rallied 1-2 percent as government today said over-recovery on diesel for October 16-31 is expected to be at Rs 3.56 per litre, increased from Rs 1.9 per litre in previous fortnight (October 1-15). It means these companies are making gains of Rs 3.56 per litre.

OMCs’ under-recovery on LPG and kerosene is expected to be at Rs 139 crore per day during the same period, declined compared to under-recovery of Rs 156 crore and Rs 190 crore in previous two fortnights, respectively.

The government said under-recovery on kerosene for Oct 16-31 is seen at Rs 31.22/litre and Rs 404.64 per cylinder for LPG.

Brent crude for November delivery was down 81 cents at USD 82.97 a barrel by 0450 GMT, its lowest mark since November 2010. The contract expires on Thursday.

Brent has lost more than 28 percent since June amid slow demand and abundant supply, with losses accelerating in recent weeks on signals that the Organization of the Petroleum Exporting Countries will not slash output to rescue prices.

US crude fell USD 1.03 to USD 80.75 a barrel. It fell to as low as USD 80.01 in the previous session, its weakest since June 2012.

11:00am Market Check

The market remained lacklustre with the Sensex falling 2.87 points to 26346.46 and the Nifty declining 8.25 points to 7855.75. The broader markets continued to consolidate too.

About 1014 shares have advanced, 1314 shares declined, and 109 shares are unchanged on the Bombay Stock Exchange.

Vibhav Kapoor of IL&FS is not surprised by the market resilience. According to him, while there have been a lot of global concerns, some of them are fairly to India’s advantage. The fall in crude oil and commodity prices do have a beneficial impact on Indian economy both in terms of current account and fiscal deficit, he says, adding that good macro data and a favourable opinion poll for Assembly elections are definite positives, which are giving strength to the market.

He, however, thinks that a further correction in the index is possible as the global situation is quite precarious and FIIs have been selling on the back of risk aversion towards emerging markets. “A deeper correction, if at all happens, would definitely be a good opportunity to add to your long positions,” Kapoor says.

Hindalco Industries and Sesa Sterlite extended losses, falling over 3 percent. Reliance Industries, Mahindra and Mahindra, NTPC, Bajaj Auto, Tata Power and BHEL lost over a percent. However, DLF topped the buying list, up 6 percent followed by TCS, Tata Motors, ITC, HUL, Sun Pharma, Gail India, Hero Motocorp and Axis Bank with 0.5-1.5 percent gain.
 
DLF, Bajaj Auto, Ceat, SBI, Tata Steel, TCS and Tata Motors were most active shares on exchanges.

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