Brent crude futures held above USD 60 a barrel as strong US economic data supported the market, but oil prices were track for their fifth straight weekly decline as a building supply glut capped gains.
The News International Team
The market seems to be still in a holiday mood and refuses to budge ahead. The Sensex is down 1.38 points at 27207.23 and the Nifty is up 7.75 points at 8181.85. The Nifty retraces after touching the 8200 mark in early trade. About 1169 shares have advanced, 945 shares declined, and 85 shares are unchanged.
SBI, Coal India, Sesa Sterlite, Axis Bank and Sun Pharma are top gainers in the Sensex. Among the top losers are GAIL, HUL, ITC, Wipro and Tata Motors.
Globally, Asian markets are mostly higher in post Christmas trade. Japan’s economic data was mixed with the industrial data below estimates.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 2,808.27 crore on Wednesday, as per provisional data available with stock exchanges.
Brent crude futures held above USD 60 a barrel as strong US economic data supported the market, but oil prices were track for their fifth straight weekly decline as a building supply glut capped gains. On the supply side, data suggested an increasing glut as US data showed crude inventories unexpectedly rose by 7.3 million barrels last week to their highest December level on record. Analysts had expected a seasonal draw.
Shares of ITC, Tata Motors, Hindustan Unilever, Wipro, Sesa Sterlite and GAIL declined 1 percent each while Infosys, State Bank of India, Axis Bank, HDFC Bank, L&T, ICICI Bank, Sun Pharma, Coal India, Tata Power and BHEL gained 0.2-1 percent.
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Coal India, SBI, HDFC, ICICI Bank and Tata Power are top gainers in the Sensex. Among the losers are GAIL, ITC, Maruti, Dr Reddy’s and Hindalco.
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