The News International Team
12:00 pm Market check: The Sensex is down 100.34 points at 27927.32, and the Nifty is up 7.65 points at 8403.10. About 1529 shares have advanced, 1050 shares declined, and 605 shares are unchanged.
11:55 am Oil check: US crude and Brent futures dropped to fresh 5.5-year lows as worries about a surplus of global supplies amid weak demand continued to drag on oil markets.
OPEC’s decision in November to maintain output had accelerated oil’s losses earlier, while record-high Russian production and the highest Iraqi exports since 1980 added to the concerns about oversupply. The two oil benchmarks, Brent and West Texas Intermediate, have now lost more than half of their value from peaks hit in the middle of last year.
US crude slid as low as USD 51.40 a barrel, its lowest since May 2009, and at 0312 GMT was just a tick above that at USD 51.59 a barrel, still down USD 1.10.
February Brent crude dropped as low as USD 55.36 a barrel, also its lowest since May 2009, before edging back to USD 55.42, still down a dollar.
11:35 am Buzzing: Shares of Ashok Leyland rallied as much as 7.6 percent intraday to hit a life high of Rs 57.45 post strong sales data in December.
The commercial vehicle maker reported a 48 percent rise in sales at 9290 units in December 2014 compared to 6,275 units sold in the same period last year.
The sales medium and heavy commercial vehicles jumped 85 percent in December to 7,210 units as against 3,890 units in the year-ago period, the Hinduja Group company said.
The Chennai-based automaker sold 2,080 units of light commercial vehicles in December 2014, down 13 percent compared to 2,385 units sold in December 2013.
Nomura reiterates positive stance on Ashok Leyland as medium and heavy commercial vehicle industry volumes surprised positively.
11:20 am Market check: The market has regain some losses. The Sensex is up 101.03 points at 27988.93 and the Nifty is up 24.65 points at 8420.10. About 1612 shares have advanced, 844 shares declined, and 629 shares are unchanged.
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The market has gone flat. The Sensex is down 20.66 points at 28007.00 and the Nifty is up 31.20 points at 8426.65. About 1592 shares have advanced, 797 shares declined, and 623 shares are unchanged.
Maruti is up 3 percent while Tata Steel, L&T, Tata Motors and M&M are top gainers in the Sensex. Among the losers are Dr Reddy’s Labs, Bharti Airtel, HDFC, NTPC and BHEL.
PSU banks are in focus after the two-day event Gyan Sangam over the weekend. A few takeaways were a blueprint with 7 recommendations provided by PSU banks to the government that included setting up a bank bureau and a bank investment company and eventually government to reduce shareholding to below 51 percent.
Globally, Asian markets are mixed on global growth and oil concerns. Oil hits 5.5 year lows with Brent at sub USD 56 a barrel.