The News International Team
11:50 am Market check: The market is holding on to key levels. The Sensex is up 261.77 points or 0.9 percent at 26971.90, and the Nifty is up 77.05 points or 0.9 percent at 8106.85. About 1844 shares have advanced, 528 shares declined, and 73 shares are unchanged.
Banks, infra and oil & gas stocks are lending strong support to the indices.
11:30 am Buzzing: Investors bought shares of Transformers & Rectifiers India (TRIL) on Thursday on signing technology license agreement with Japanese company. The stock rallied as much as 16 percent intraday.
“TRIL has entered into the technology license agreement with Fuji Electrical Company, Japan, the manufacturer power transmission and distribution equipment,” said the transformer manufacture in its filing to the exchange.
Fuji grants the license to TRIL in India to use its technology and know-how; to design, manufacture, assemble, inspect and sale of generator step up transformers with single phase or three phase and shunt reactors with single & three phase.
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The Sensex is up 233.51 points or 0.8 percent at 26943.64, and the Nifty is up 66.70 points or 0.8 percent at 8096.50. About 1797 shares have advanced, 431 shares declined, and 63 shares are unchanged.
Both BHEL and GAIL are up 4 percent. Tata Power, Hindalco and ICICI Bank are other top gainers in the Sensex. Among the losers are Hero, M&M, Wipro, HDFC and HUL.
Brent crude edged further above USD 61 a barrel on Thursday, after sharply lower prices forced companies to cut upstream investments around the world. Brent this week dipped to its lowest since May 2009 at USD 58.50 a barrel, falling close to 50 percent since late June due to rising production in the United States, weak economic growth and a decision by OPEC members last month not to cut output.
Brent crude for February delivery was 21 cents higher at $ 61.39 a barrel at 0438 GMT, after settling up uSD 1.17 on Wednesday.
OPEC members which backed an output cut at the group’s meeting last month are coming around to the view of Saudi Arabia that they need to focus on market share, further reducing the chance of any action to defend prices.