Sensex weak as foreign investors seek clarity on taxation

Selling pressure continues on Dalal Street as foreign investors are awaiting clarity on tax-related issues. The Nifty is down 66.50 points or 0.8 percent at 8539.50 while the Sensex is down 248.44 points or 0.9 percent at 28193.66. About 944 shares have advanced, 1636 shares declined, and 150 shares are unchanged.

ICICI Bank, Sun Pharma, Tata Steel, HDFC Bank and SBI are major gainers in the Sensex. On the losing side are Hero MotoCorp, Reliance, Infosys, HUL and Coal India. Technology stocks are still laggards with losers like TCS, Infosys and Wipro.

Asian shares slipped and Chinese stock markets erased their earlier sharp gains made after Beijing's latest stimulus steps, which still underpinned sentiment and helped limit losses.

Oil prices rose in Asia, fuelled by sustained unrest in the crude-rich Middle East, while also gaining support on hopes that declining US production will ease a global supply glut, analysts said.

Dealers are also reading a drop in US oil rig activity as a sign of a production slowdown that could alleviate global oversupply and push prices up, analysts said. The latest count by Baker Hughes showed rigs targeting US crude dropped by 26 to 734 last week, Bloomberg News reported. Oil prices rallied last week on news that US shale output may be on the cusp of easing. For more information please visit this site www.bigprofitbuzz.com