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Market Gains on Intraday

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The market closed higher once again on Monday,oil & gas, pharma, metals and select banks stocks were totally responsible for the changes that occurred in equity and commodity market today.

 

 

Top Gainers of the day : HUL, Sun Pharma, Reliance, Lupin and Cipla

Losers:   NTPC, ITC, Maruti, Adani Ports and Wipro

 

Gold prices fell by Rs 280 and  cracks below the Rs 29,000 mark to Rs 28,970 per 10gms at the bullion market today. Silver also dropped by Rs 325 to Rs 37,100 per kg.

Positive global cues also supported Indian equities. The Sensex rose around  79.64 points to 23788.79 and Nifty reclaimed 7250 in a day, up 23.80 points to close at 7234.55 amid volatility. The broader markets outperformed benchmarks with the BSE Midcap rising 0.75 percent.  Investor concerns currently are focusing towards the Budget. However, consensus view is that the Budget will be largely positive as expectations are low.Jayaram says, post the Budget, there is a possibility that the market may form a firm bottom on the back of feel-good factor and then move ahead.

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NEWS FLASH

Successful Meet at Doha: Oil Production will be stabilized 

"Qatar, Saudi Arabia, Russia and Venezuela would lead an effort to freeze output at January levels and due to which  Brent crude futures pared gains."

 The large producers met in Doha, Qatar, to discuss measures to tackle a supply glut that's sent prices to 13-year-lows.It had become a global issue as Saudi Arabia was not ready to freeze the supply of oil due to which oil prices went down.

Qatar's energy minister, Mohammad bin Saleh al-Sada, believes that the agreement would help in  stabilizing  the market. Saudi oil minister Ali Al-Naimi said the freeze was "adequate" for the market, and declared the  meeting to be  successful. He added he hoped producers inside and outside OPEC would adopt the proposal.
Qatar is the current holder of the rotating OPEC presidency.
Earlier, news of the meeting news sparked hopes of an eventual deal on supply cuts, after Saudi Arabia-led oil cartel OPEC previously persistently refused to lower its 30 million barrel-a-day production ceiling in a strategy to squeeze out higher cost energy producers, including U.S. shale companies.

Market News

All eyes on the big Meet at Doha,Qatar

Top oil officials from Saudi Arabia, Russia and several key OPEC (Organisation of the Petroleum Exporting Countries) members will be  meeting for  discussion in months, to tackle a devastating supply glut.The Actual agenda of the meeting was unclear till Monday. 

Oil minister of Qatar is also expected to attend the meeting as he will be playing an important role in coordinating the consultations among members.

The talks will be held in Doha,Qatar and it will  involve powerful Saudi Oil Minister Ali al-Naimi and his Russian counterpart Alexander Novak,both of them must reach an accord for any coordinated global action to hold any hope of success.

They will also be joined by Venezuela's Oil Minister Eulogio Del Pino, whos is constantly visiting major oil producers to increase the support for the and halt the trend of  downward oil pricing.The meeting seems to happen after more than 18 months of declining oil prices  below $30 a barrel for the first time in over a decade. The fall has been longer and deeper than anyone predicted, and the mood may be shifting among producers which until now have been determined to defend market share rather than prices.

Commodity News for 21st December 2011

• GOLD CLIMBS AS THE EURO REBOUNDS 1 PCT.
• OIL CLIMBS FOR SECOND DAY ON GAIN IN U.S. HOUSING STARTS, IRAN
• CONCERN .
• COPPER RISES ON UPBEAT GERMAN DATA, WEAK DOLLAR.
• INDIA CHANA TO TRADE POSITIVE ON RISING SPOT DEMAND.

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Commodity News for 20th December 2011

• GOLD WEAKENS AFTER FITCH DOWNGRADE WARNING.
• OIL FIRMS AS DOLLAR PARES GAINS.
• COPPER FALLS ON EUROPE'S CREDIT-RATING DOWNGRADE WORRIES.
• INDIAN SPICES TRADE UP ON SHORT COVERING.
  
  
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