GAIL, M&M, Axis Bank, Tata Steel and L&T are top gainers in the Sensex. Among the losers are BHEL, Bharti Airtel, Coal India, Infosys and ITC.
The News International Team
The Nifty trades above the 8350 mark led by select financials & metal stocks. The 50-share index is up 13.75 points at 8358. The Sensex is up 44.73 points at 27919.46. About 1372 shares have advanced, 993 shares declined, and 94 shares are unchanged.
GAIL, M&M, Axis Bank, Tata Steel and L&T are top gainers in the Sensex. Among the losers are BHEL, Bharti Airtel, Coal India, Infosys and ITC. Non-banking financials stocks are in focus after the RBI tightens the bad loan norms.
Asian markets touch fresh highs after a record closing from the US. The Nikkei gains more than 2 percent to touch a 7-year high, Shanghai too hits a 3-year high.
Brent crude traded around USD 82 a barrel, just above a four-year low hit last week, with a firm dollar and robust production from US shale oil fields offsetting a drop in output in Libya. The price has fallen nearly 30 percent since late June and all eyes are on OPEC for indications of whether the oil cartel will cut prices at a meeting on Nov. 27.
Brent fell for the seventh straight week last week, the longest losing streak since late 2002.
The drop in prices this year is due in part to rising production from non-OPEC countries, in particular the United States. Lower prices have had little impact on drilling there, with output from the country’s fastest-growing and largest shale fields showing no sign of slowing down, the US Energy Information Administration said.
In the midcap space, Amtek Auto climbed 14 percent after its subsidiary Amtek Global Technologies secured a long-term loan of 235 million euro (over Rs 1,800 crore) from global investment firm Kohlberg Kravis Roberts (KKR), to replace its existing short-term loan.
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Bharti Airtel, ONGC, GAIL, NTPC and Wipro are top gainers while Sesa, Hindalco, BHEL, Maruti and Infosys are among the laggards.
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