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