Sensex, Nifty under pressure; crude oil prices above $50/bbl

The market extended losses in afternoon trade on profit booking amid mixed global cues. FMCG, banks and Tata group stocks declined while pharma stocks gained.

The Sensex fell 111.47 points to 26701.31 and the Nifty slipped 36.80 points to 8183.10. The market breadth remained weak as about 1535 shares declined against 896 advancing shares on Bombay Stock Exchange.

European stocks traded mixed after an initial pop at the open today, as investors remain cautious a day ahead of the UK’s referendum on European Union (EU) membership.

Oil prices rose in Asian trading, with US crude joining Brent above USD 50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks.
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Posted in: Indian Market Tips