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Sensex, Nifty remain under pressure; ITC, BHEL, SBI up 1-2%

BHEL, ITC, SBI, TCS and HDFC Bank are major gainers in the Sensex while Dr Reddy’s, Bharti, Vedanta, Hindalco and Sun Pharma are major laggards.

09:58

TheNewsInternational Team

With no triggers in sight, the market is listlessly treading ahead. The Nifty continues to struggle below 7700. The 50-share index is down 5.30 points at 7696.40. The Sensex is down 13.08 points or at 25297.25. About 717 shares have advanced, 1084 shares declined, and 100 shares are unchanged.

BHEL, ITC, SBI, TCS and HDFC Bank are major gainers in the Sensex while Dr Reddy’s, Bharti, Vedanta, Hindalco and Sun Pharma are major laggards.

Crude prices found at least temporary support early after the dollar weakened and China’s commodity imports came out surprisingly strong, but oversupply means prices are expected to remain low for some time.

Traders said the recovery was largely a result of short covering, a dip in the dollar which makes oil more expensive for importers using other currencies domestically, and strong Chinese oil imports as the government takes advantage of cheap oil to build up its strategic reserves.

Analysts said there was a plethora of factors, including the strong dollar, weakening global demand, soaring supplies as well as the unwinding of the quantitative easing (QE) premium with the US Federal Reserve expected to hike rates soon.

09:15

Nifty opens below 7700, Sensex weak; Dr Reddy’s plunges

BHEL, ITC, HUL, Tata Steel, Sun Pharma, Asian Paints, Tata Motors and Cipla were early gainers while Dr Reddys Labs fell 3.5 percent. GAIL, Vedanta, Bharti Airtel, Hindalco and UltraTech Cement were under pressure.

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