Sensex Extends Gains, up 58 Points in Early Trade

Oil prices were extremely volatile for much of this week as a string of bullish indicators like a slump in the dollar and potential talks by major oil producers about output cuts in support of prices clashed with bearish reports of record United States crude inventories, increasing production and a further slowdown in the global economy.

But concerns over muted quarterly results remained, brokers said. “The focus has now shifted to budget”, said Vinod Nair, Head- Fundamental Research, Geojit BNP Paribas.

In overseas stock markets, Asian and European stocks edged higher as weaker-than-expected United States service-sector data pushed the USA dollar to its lowest level against a basket of currencies in three months, sparking gains for commodities.

Elsewhere in Asia, Japan’s Nikkei led the fall, dropping 3.36 per cent, followed by Hang Seng (2.34 per cent), Kopsi (0.84 per cent) and Shanghai (0.35 per cent).

In Europea, France, germany and the United Kingdom based indexes fell by up to 2.47 per cent in early trade. However, in broader markets, small-cap and mid-cap indices ended in red with losses up to 0.75 per cent as investors engaged in trimming their bets.

Of the 30-share Sensex pack, 18 scrips ended higher.

BHEL was the worst-hit, down 4.86 per cent followed by NTPC at 4.10 per cent. Others laggards included Tata Steel, ICICI Bank, Tata Motors, Axis Bank, Cipla, RIL, SBI, Asian Paints, Wipro, ONGC and Adani Ports.

The 30-share index, which gained 115.11 points in the previous session, added 58.56 points, or 0.24 per cent, to 24,396.99, with stocks of banking, metal, capital goods, consumer durables, auto and FMCG leading the gains. The total turnover moved up to Rs 2,742.06 crore from Rs 2,708.89 crore on Wednesday.