Sensex, Nifty continue to struggle; infra, metals, oil slump

The market is struggling to budge ahead but bears seem to be of full control. The Sensex is down 82.72 points or 0.4 percent at 22869.11, and the Nifty is down 25.10 points or 0.4 percent at 6951.25. About 455 shares have advanced, 1721 shares declined, and 89 shares are unchanged.

Tata Motors, Axis Bank, HDFC, NTPC and TCS are top gainers while BHEL, Hindalco, Tata Steel, ONGC and GAIL are major losers in the Sensex.

Oil surged more than 5 percent in Asia today, a day after tanking towards 13-year lows and following a report suggesting the OPEC producers’ club was open to working towards cutting output to stabilise volatile crude markets. Prices for both key contracts dived yesterday in line with a sell-off across global markets as traders grow increasingly concerned about the state of the global economy, and the possibility of a return to recession.

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Posted in: Indian Market Tips