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ICICI Bank, Cipla, GAIL gainers; Nifty hovers around 8000

GAIL, Sun Pharma, ICICI Bank, SBI and Cipla are top gainers in the Sensex. BHEL, HUL, Hero Moto and Reliance are among the losers.

11:00

The News International Team

The Nifty holds 8000 amid consolidation. The 50-share index is up 8.75 points at 8000.45. The Sensex is up 35.30 points at 26788.20. About 1203 shares have advanced, 1065 shares declined, and 107 shares are unchanged.

GAIL, Sun Pharma, ICICI Bank, SBI and Cipla are top gainers in the Sensex. BHEL, HUL, Hero Moto and Reliance are among the losers.

Brent crude extended its decline to a third day, dropping towards USD 85 a barrel, still under pressure from a Goldman Sachs report that slashed the investment bank’s oil price forecasts amid a global supply glut.

Citing rising production and insufficient demand, Goldman Sachs on Sunday cut its forecast for Brent to USD 85 a barrel from USD 100 for the first quarter of 2015 and reduced its projection for US crude to USD 75 from USD 90.

Analysts from other major banks have also cut forecasts for 2014 and 2015 crude oil prices, citing global growth concerns, a strengthening dollar and ample supplies.

Gold recovered after falling to its lowest in nearly two weeks on Tuesday as investors nervously awaited a US Federal Reserve meeting that begins later in the day for clues about the timing of any interest rate hike.

Globally, Asian equities are mixed as volatile oil prices and caution ahead of the start of the second day of FOMC meet weigh.

10:00

Sensex, Nifty firm; SBI subsidiaries rally on SBM Q2 nos

State Bank of India’s subsidiaries rallied sharply post strong profit numbers in Q2 by State Bank of Mysore (SBM). SBM rallied 15.5 percent as profits surged 3.4 times to Rs 102 crore from Rs 30.1 crore Y-o-Y on the back of lower provisions.

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09:07

Nifty reclaims 8000; HUL, Coal India & Infosys laggards Read More »

L&T, ICICI Bank, ONGC, Bharti Airtel and TCS are top gainers in the Sensex. Coal India, Infosys, HUL, Hindalco and Hero are among the laggards.

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