Nifty struggles below 8100; gold, oil prices fall as dollar up

Equity benchmarks continued to be listless in noon trade with the Nifty gyrating in a 40 points range. Auto, infra, healthcare and oil stocks gained strength but the selling was seen in technology, FMCG, Tata Group and private banks stocks.

The 30-share BSE Sensex was up 20.48 points at 26248.10 and the 50-share NSE Nifty gained 11.25 points at 8091.20.

Oil prices fell as the strengthening US dollar snuffed out rekindled hopes that OPEC might agree production cuts. International Brent crude oil futures were trading down 0.75 percent at USD 46.15 per barrel, from their last close. US West Texas Intermediate (WTI) crude oil futures were trading at USD 44.95 per barrel, down 1.03 percent, from their last settlement.

Gold dropped to its lowest in 5-1/2 months and was set for a second weekly decline, dragged down as the US dollar soared after comments from the Federal Reserve bolstered expectations US interest rates would rise next month.

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Posted in: Indian Market Tips