Oil
prices resumed their decline in Asia as a global glut of crude
supplies showed no signs of abating in the face of sluggish demand,
analysts said. US benchmark West Texas Intermediate (WTI) for
September delivery fell 63 cents to USD 41.87 a barrel in
late-morning trade, the lowest since March 2009. Brent crude for
October, a new contract, was down 65 cents to USD 48.54. WTI and
Brent's September contract rose in New York on Friday after closing
at their lowest level in six and a half years in the prior session.
But oil came under renewed pressure in Asia after the latest data
showing the number of rigs drilling for US oil increased last week,
the sixth rise in seven weeks, analysts said. The news added to fears
of a prolonged global surplus as output from the Organization of the
Petroleum Exporting Countries and the US remains robust despite the
tumbling prices. 10:00 am Market Check The market remained under
pressure in morning trade, dragged by profit booking in private
banking & financials, technology and oil stocks. The rupee, too,
see selling pressure, down 21 paise ot 65.21 a dollar. The Sensex
fell 247.64 points or 0.88 percent to 27819.67 and the Nifty declined
62.60 points or 0.73 percent to 8455.95. However, the broader markets
outperformed benchmarks, trading flat. Cipla topped the selling list,
falling 4 percent on fears that Esomeprazole sales may slow down from
Q2FY16 onwards. However, its Q1 numbers were strong, led by
Esomeprazole sales. Shares of HDFC declined 1.7 percent. The housing
finance company said it would sell 17.95 crore of HDFC Life to
Standard Life at Rs 95/share (9 percent equity). Post stake sale in
HDFC Life, company’s holding in HDFC Life will be 61.65 percent and
Standard Life will hold 35 percent in HDFC Life. Infosys, Reliance
Industries, ONGC, Tata Motors and Axis Bank dropped 1-3 percent while
PSU banks continued to see buying interest after the government
launche revamp plan 'Indradhanush' for PSU banks.
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