10:30am Oil Update
Oil prices rose in Asia today as
dealers await the outcome of a US Federal Reserve meeting and the latest US
supply report.
US benchmark West Texas Intermediate
for December delivery rose 26 cents to USD 81.68 while Brent crude for December
was up 20 cents at USD 86.23 in mid-morning trade.
A statement on the meeting's outcome
will be released at 1800 GMT tomorrow.
The US central bank is expected to
announce an end to its vast asset-buying programme, which was credited with
propping up the world's biggest economy after the 2008 financial crisis.
Traders, having already discounted
an end to the "quantitative easing" programme, are more interested in
what bank policy makers say about the future direction of US interest rates.
Dealers meanwhile are also eyeing
the latest US stockpiles report for clues about demand in the world's top crude
consumer, reports PTI.
10:00am Market Check
Equity benchmarks maintained strong
momentum in morning trade with the Sensex rising 163.50 points to 27044.32 and
the Nifty climbing 45.85 points to 8073.45 supported by auto, FMCG, oil and
banks stocks.
The broader markets gained too with
the BSE Midcap and Smallcap indices adding 0.6 percent and 0.9 percent,
respectively. Advancing shares outnumbered declining ones by a ratio of 1394 to
551 on the Bombay Stock Exchange.
Commercial vehicle maker Tata Motors
climbed nearly 3 percent after a 4 percent rally in its ADR on the NYSE.
Mahindra and Mahindra jumped over 1.5 percent.
Two-wheeler maker Hero Motocorp
gained 1.5 percent as RBI said FIIs/RFPIs can now invest up to 49 percent in
company. Hero sees retail scooter sales at 90,000 units in October. "We
are raising scooter production capacity to 1 lakh units/month by January and
are confident of double digit growth in scooters this year," it added.
However, Sesa Sterlite declined 0.8 percent as
the metals and mining company is likely to report a 37 percent decline in
second quarter profit after tax due to Cairn's subdued numbers in Q2. More
information please visit this site www.bigprofitbuzz.com
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