Selling pressure continues in Sensex, Nifty; Brent rebounds 1%

The sell-off in equity benchmarks remained in afternoon trade despite bounce back in European peers. The market breadth continued to be negative as about 1442 shares declined against 997 advancing shares on the Bombay Stock Exchange.

The Sensex fell 104.38 points to 27097.11 and the Nifty declined 24.15 points to 8313.75.

European stocks reversed early losses to trade slightly higher as investors pause ahead of US nonfarm payrolls data on Friday that will give a clear indication on the state of the US economy. France’s CAC, Germany’s DAX and Britain’s FTSE gained 0.3-0.5 percent.

Oil prices rebounded from its two-month lows hit in the previous session when prices fell 5 percent on news that the US weekly crude draw missed some forecasts. Brent crude futures were trading at USD 46.81 per barrel, up 0.88 percent, from their last settlement. US crude was up 0.82 percent, at USD 45.51 a barrel.

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Posted in: Indian Market Tips