03:30 pm Market close
After a volatile day, the market ended with marginal losses.
The Sensex was down 78.64 points at 26908.82 and the Nifty slipped 25.25 points
at 8102.10. About 1360 shares have advanced, 1500 shares declined, and 439
shares were unchanged.
HUL was up 3.5 percent while Reliance, NTPC, Maruti and ONGC
were other gainers in the Sensex. Hindalco, ICICI Bank, GAIL, BHEL and ITC were
among major losers.
03:00 pm Oil Price
Oil prices will continue to drop as high production meets
weak demand and a strong U.S. dollar pressures crude, and markets will only
pick up once major manufacturing economies particularly in Asia feel the
benefit of cheaper energy.
Oil prices have halved since last June to near 6-year lows
as economic growth stutters, and analysts say that a building supply glut means
prices are set to fall further before any rebound.
On the supply side, downward pressure on oil has come from a
boom in U.S. shale oil output and, more recently, by the Organization of the
Petroleum Exporting Countries' (OPEC) decision not to cut output in support of
prices, and instead try to defend market share against North American shale by
offering discounts.
02:30pm Coal India in
Focus
Coal India struggled to produce and ship less than half of
its daily target on the first day of a five-day worker strike that began on
Tuesday, hampering government efforts to reform the country's coal industry and
ease its power crisis.
Unionized miners at the world's top coal producer are
protesting Prime Minister Narendra Modi's move to allow private companies to
mine and sell the fuel for the first time in 42 years. Modi's ministers have
said that increasing competition is key to ending India's power shortage.
But miners fear this will lead to pay and job cuts at Coal
India, which has come to be seen as an exemplar for deep-rooted inefficiency in
state enterprise.
Union leaders met top Coal Ministry officials for three
hours on Tuesday evening but did not reach an agreement, said S.Q. Zama,
secretary general of the Indian National Mineworkers Federation.
Zama said unions would end the strike if the government
assured them that private companies would not be allowed to do any commercial
mining for at least the next six months and that more talks would take place
before the industry was opened up.
The leaders of Coal India's five trade unions are in New
Delhi for more "political" talks, Zama said, reports PTI.
02:00pm Market Check
The market remained volatile today after a 3 percent cut in
previous session. In fact, there has not been any recovery after that
yesterday's carnage. Indices trimmed losses in afternoon trade after seeing a
211 points intraday fall.
The 30-share BSE Sensex declined 17.72 points to 26969.74
and the 50-share NSE Nifty declined 4.15 points to 8123.20. About 1168 shares
have advanced, 1491 shares declined, and 462 shares are unchanged on the Bombay
Stock Exchange.
Market experts are not too worried about the correction.
Ridham Desai of Morgan Stanley expects more volatility ahead but expects
earnings to pick up in the next two quarters. Geoff Lewis of JPMorgan too
continues to be positive on Indian market. Arvind Sanger of Geosphere, though
sounds a cautious note, says will buy into India on dips.
The biggest talking point of the today is Brent crude that
fell below USD 50 a barrel for the first time since May 2009 on supply glut
worries. Seth Kleinman of Citi says crude will find a bottom at these levels
and that crude demand is fine, not a big worry. Brent crude currently declined
1.86 percent to USD 50.15 a barrel and US crude lost 1.42 percent to USD 47.25
a barrel.
The rupee gained strength, rising 22 paise to 63.34 a dollar
on fresh selling of dollar by banks on hopes of resumption of capital inflows.
HUL extended gains in afternoon trade, up nearly 4 percent
as Credit Suisse and JP Morgan upgraded the stock after a fresh upgrade from
Deutsche Bank yesterday. More information please visit this site www.bigprofitbuzz.com
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