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Thursday, 16 April 2015

Sensex, Nifty under pressure; metals gain, Bajaj Auto falls

11:30am Oil Update: Oil prices fell in Asia today as investors locked in profits following a six-day rally, with a rise in OPEC's output in March also adding to downward pressure, analysts said.

US benchmark West Texas Intermediate (WTI) for May delivery dipped 43 cents to USD 56.28 and Brent crude for June eased 48 cents to USD 63.50 in late-morning trade.

"After a sustained increase in both the WTI and Brent over the past week, traders are selling... and this has led to the downward pressure in prices we see today," said Daniel Ang, an investment analyst at Phillip Futures in Singapore.

Prices rose for the sixth day running yesterday -- with WTI hitting its highest level since December -- on news that US shale output, which has contributed to a global supply glut, may be on the cusp of easing.

But Ang said the oversupply was unlikely to end soon due to strong production levels by the Organization of the Petroleum Exporting Countries (OPEC). 

11:00am Market Check

The market seems to be in a sluggish mode ahead of weekend. The Sensex is down 60.13 points at 28605.91, and the Nifty is down 42.75 points at 8663.95. About 1113 shares have advanced, 1159 shares declined, and 154 shares are unchanged.

Tata Steel, Sesa Sterlite, Hindalco, ONGC and Reliance are top gainers in the Sensex. Among the losers are TCS, Sun Pharma, Bharti Airtel, Wipro and Bajaj Auto.

Meanwhile, Finance Minister Arun Jaitley has said that having initiated a series of administration and legislative reforms, India is on its way to have a modern and friendly tax system.

"Such a modern tax system, which is friendly to the people and businesses, would be a key to realizing the goal of a double digit growth," Jaitley said. For more information please visit his site www.bigprofitbuzz.com

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