This Article is From May 22, 2018

Sensex Edges Higher, SBI Rises Ahead Of Q4 Earnings

Oil marketing companies such as Hindustan Petroleum Corp Ltd (HPCL) and Indian Oil Corp Ltd (IOC) and BPCL were lower today, as oil prices hovered near multi-year highs.

Sensex Edges Higher, SBI Rises Ahead Of Q4 Earnings

Maruti Suzuki India Ltd gained over 1 per cent while Bajaj Auto Ltd was up 3 per cent.

Stock markets looked set to snap a five-session losing streak on Tuesday, but gains were limited while investors awaited quarterly numbers from State Bank of India and Cipla Ltd due later in the day. The Sensex was up around 80 points while Nifty traded near 10,550. "What we are seeing is a bounce from oversold levels. What is not evident, if you look at the index, is the amount of carnage that has happened in the mid-caps, small-caps and even the large-caps," said Sunil Sharma, chief investment officer at Sanctum Wealth Management, adding that Monday's was a knee-jerk reaction to the Karnataka election news.

"Today is the realisation that it is not all bad from a market perspective. Also, corporate earnings are providing support to market," he added.

Maruti Suzuki India Ltd gained over 1 per cent while Bajaj Auto Ltd was up 3 per cent.

Petronet LNG Ltd gave up early gains and was down 0.7 per cent.

Ahead of the results, shares in State Bank of India and Cipla rose around 0.80 per cent.

Meanwhile, oil marketing companies such as Hindustan Petroleum Corp Ltd (HPCL) and Indian Oil Corp Ltd (IOC) and BPCL were lower today, as oil prices hovered near multi-year highs. (With Agency Inputs)

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