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Sensex, Nifty climb over 1%; Vedanta, Cairn India zoom 6-7%


TheNewsInternational Team

10:10 am Crude gains:

Brent crude climbed by more than USD 1 a barrel today on an unexpected fall in US crude inventories and a rally in global equity markets, but a stronger dollar capped gains.

Front-month Brent LCOc1, the global oil benchmark, had gained USD 1.10 to USD 44.24 a barrel, having ended down 7 cents at USD 43.14 on Wednesday.

US crude’s front-month contract CLc1 rose 91 cents to USD 39.51 a barrel, after settling down 71 cents, or 1.8 percent, at USD 38.60 a barrel.

US crude inventories USOILC=ECI fell 5.5 million barrels in the week to August 21, the biggest one-week decline since early June, data from the Energy Information Administration showed on Wednesday.

That was in line with the industry group the American Petroleum Institute’s late-Tuesday report. Analysts had expected an increase of 1 million barrels.

10:00 am Market Check

The market has maintained its strong uptrend following relief rally across global peers post temporary easing of nervousness in China. The Sensex gained 315.61 points or 1.23 percent at 26030.27 and the Nifty climbed 98.05 points or 1.26 percent to 7889.90, aided by banking & financials, healthcare, oil and metals stocks.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 1.6-1.9 percent. About four shares advanced for every share declining on the Bombay Stock Exchange.

Vedanta and Cairn India topped the buying list on Sensex, up 6-7 percent followed by HDFC, Infosys, Lupin and Tata Steel with 2.5-3 percent.

ICICI Bank, Reliance Industries, SBI, Sun Pharma, Axis Bank and ONGC climbed 1.5-2 percent. However, Tata Motors, BHEL and Bajaj Auto saw selling pressure, down 1.6-3.5 percent.

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