10:50am
Oil Prices
Oil prices sank today to more than two-year
lows as weak economic data from Germany underscored concerns over a global
economic slowdown and its impact on energy demand, analysts said.
In Asian trade US benchmark West Texas
Intermediate for November delivery tumbled USD 1.49 to USD 84.87, its weakest
level since June 2012.
Brent crude fell USD 1.61 to USD 88.44, also
the lowest level since June 2012.
The losses come as equities markets suffer
another heavy sell-off.
Another round of negative eurozone data showed
a 5.8 percent slump in German exports in August, while leading think tanks also
slashed their growth forecasts for the eurozone's largest economy.
In the United States, a closely monitored
report showed rising crude inventories, signalling weakening demand in the
world's top oil consuming nation.
Meanwhile, prices have also been
dampened by ample global supplies owing to increased US shale gas production
and a return to the market of Libyan oil following a prolonged disruption due
to civil unrest, reports PTI.
10:30am
Market Expert
Nilesh Shah MD & CEO, Envision Capital is
positive on Indian equities and believes that Indian remains a strong buy.
The recent decline in commodity
prices especially crude will be a huge advantage for India and will ease the
pressure on its import bill. Also, the new government is taking steps to boost
India’s macro-economic environment, hence the outlook for India will be
positive for the next few years.
He recommends market participants to
buy the market on dips. Any correction in good quality stocks should be seen as
a buying opportunity, he added.
10:00am
Equity benchmarks lost more than a
percent on concerns over Europe growth. The Sensex fell 267.63 points to
26369.65 and the Nifty slipped 79.10 points to 7881.45 weighed down by metals,
FMCG, banks and capital goods stocks.
The broader markets too were under pressure
with the BSE Midcap and Smallcap indices falling 0.9 percent each. More than
two shares declined for every share advancing on the Bombay Stock Exchange.
Infosys bucked the trend on
better-than-expected performance in September quarter, up 6 percent. Its net
profit in Q2FY15 grew by 7.3 percent to Rs 3,096 crore and dollar revenue
jumped 3.1 percent sequentially to USD 2201 million as against expectations of
3.4 percent in profit and 2.9 percent in dollar revenue. The company also
declared bonus issue in the ratio of 1:1 and dividend of Rs 30 per share.
However, Tata Motors, Hindalco Industries and
Tata Steel topped the selling list, down 3.5 percent each followed by HDFC,
NTPC and Sesa Sterlite with 2.5 percent loss.
Shares of ITC, Reliance Industries,
HDFC Bank, L&T, ICICI Bank, ONGC, M&M, HUL, Bharti Airtel, Axis Bank,
Sun Pharma and SBI declined 1-2 percent. More information please visit this
site www.bigprofitbuzz.com
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