Nifty Above 10,600; Fuel Retailers Gain Amid Crash In Crude Oil Prices
The domestic stock markets swung between gains and losses amid a crash in global oil prices and the central's bank's announcement of injection of liquidity worth Rs 12,000 crore. At 11:04 am, the S&P BSE Sensex traded at 35,212.99, up 68.50 points or 0.19 per cent while the Nifty50 index of the National Stock Exchange (NSE) was at 10,608.70, with a gain of 26.20 points or 0.25 per cent. Thirty one out of 50 Nifty shares traded in the green.
Gaining between 3.17 per cent and 8.48 per cent, the top Nifty gainers were Hindustan Petroleum, Bharat Petroleum, Indian Oil, Asian Paints and Tata Steel.
Stocks of public sector banks led the gains as all 12 stocks of the Nifty PSU Bank index advanced in trade.
IT stocks, however, tanked nearly 3 per cent as the rupee registered a rise of 67 paise against the dollar in early trade.
Technical charts suggest that Nifty may head towards the 10,900-mark.
"After placing a bottom near the psychological level of 10,000 Nifty marched towards northern trajectory. In the recent scenario after a consolidation, renewed strength is clearly observed on the daily charts. We are of the opinion that the Nifty is initially heading towards 10,900-mark," said Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital.
According to provisional data from NSE, domestic institutional investors bought net equities worth Rs 335.78 crore on Tuesday.
In the global markets, oil prices struggled for traction after sinking on worries about weakening world demand and oversupply, while global shares sagged with slowing growth concerns overshadowing potential positives such as progress in the Brexit saga.
US crude futures dived 7 per cent the previous day, suffering their biggest one-day loss in more than three years. The contracts last stood at $55.38 per barrel for a loss of 0.55 per cent, following a descent to a one-year low of $54.75 overnight. Brent crude was down 0.2 per cent at $65.33 per barrel.
Concerns about global growth pushed MSCI's broadest index of Asia-Pacific shares outside Japan down 0.4 per cent. (With Reuters inputs)