Tuesday, 15 September 2015

Nifty below 7850, Sensex flat; ITC up, Vedanta slumps 3%

Maruti, ONGC, ITC, HUL and Coal India are top gainers while Vedanta, Hindalco, Tata Steel, HDFC and Hero MotoCorp are major losers in the Sensex.

The market is still flat with no immediate major triggers. The Sensex is up 13.56 points at 25778.88 and the Nifty slips 32 points at 7840.25.About 862 shares have advanced, 759 shares declined, and 74 shares are unchanged.

Maruti, ONGC, ITC, HUL and Coal India are top gainers while Vedanta, Hindalco, Tata Steel, HDFC and Hero MotoCorp are major losers in the Sensex.

Oil prices steadied early as traders closed short positions and took on new longs after markets tumbled in the previous session. Crude prices fell on Monday with the onset of lower demand autumn trading and as weak economic data out of China and soft gasoline prices RBc1 pressured the market.

There has even been growing competition amongst the lowest cost producers in the Middle East, such as Kuwait and Saudi Arabia, to undercut each other with discounts for supplies to their core markets in Asia.

On the demand side, Japanese manufacturers' confidence slumped the most in a year in September to an eight-month low and is forecast to worsen further as fears of a China-led global economic slowdown grow, a Reuters poll showed.

No comments: