10:30am Oil dips
further
Oil prices slipped further toward six-year lows in Asia
after major crude producers stressed they will maintain output levels despite
an oversupply.
US benchmark West Texas Intermediate (WTI) for February
delivery was down 34 cents at USD 45.55 a barrel in late morning trade and
Brent crude for February dropped 43 cents to USD 46.16.
Crude prices were already on the decline after peaking above
USD 100 a barrel in June, but the fall accelerated from November 27 when the
Organization of the Petroleum Exporting Countries decided to maintain output
levels, reports PTI.
OPEC member United Arab Emirates yesterday underscored the
cartel's resolve not to slash output in the face of the price rout and waning
demand and urged the United States to cut its production of shale oil, which
has been largely credited for the supply glut. "We cannot continue to be
protecting a certain price," UAE Energy Minister Suhail al-Mazrouei said.
10:00am Market Check
The market remained in a consolidation mode in morning trade
with the benchmark Nifty hovering around 8300 level while the broader markets
marginally outperformed frontline indices.
The Sensex rose 3.31 points to 27429.04 and the Nifty
advanced 1.75 points to 8301.15 while the BSE Midcap and Smallcap indices
gained 0.4 percent each.
About two shares advanced for every share declining on the
Bombay Stock Exchange.
According to Sandeep Shenoy of Pioneer Investcorp, new highs
are not far away for the market but for the year, it could be flat or
marginally negative as capital flow towards India is not seeing much
improvement.
Hindustan Unilever, which snapped six-day rally in previous
session, resumed rally again. The stock gained 2.4 percent followed by BHEL and
Bajaj Auto with 1-2 percent gain. HDFC, Tata Motors, Infosys, HDFC Bank, TCS,
L&T, M&M, SBI, Hero Motocorp and Maruti were up 0.4-0.9 percent.
However, ITC fell 2 percent on reports of likely ban on sale
of loose cigarettes. Metals stocks lost shine with the Sesa Sterlite, Hindalco
Industries and Tata Steel falling 2-3 percent. More information please visit
this site www.bigprofitbuzz.com
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