2:20 pm Oil Update:
Oil prices dropped as investors took profits following a 7-percent rise in the last two sessions, amid doubts that OPEC’s first planned output cut in eight years would make a substantial dent in the global crude glut.
Brent crude futures were down 1.3 percent at USD 48.59 a barrel, after settling the previous session up 55 cents, or 1.1 percent.
US crude was down 1.23 percent at USD 47.24 a barrel, after closing up 78 cents and having touched a one-month high of USD 48.32 that session.
Also read – IDFC Securities sticks to Nifty target of 8,900
2:00 pm Market Check
The market continued to consolidate in afternoon trade despite correction in global peers while the broader markets extended rally with the BSE Midcap and Smallcap indices rising 1.5 percent each.
The 30-share BSE Sensex was up 2.44 points at 27829.97 and the 50-share NSE Nifty gained 10.65 points at 8601.90. The market breadth remained strong as about 1791 shares advanced against 734 declining shares on the BSE.
Cipla is one of the five most active shares on exchanges, down 3 percent after the company said the US health regulator issued four observations across three facilities in Goa.
Shares of liquor makers United Spirits, United Breweries, Pincon Spirit, Globus Spirits, Radico Khaitan and Tilaknagar Industries shares rallied 4-12 percent intraday after Patna High Court imposed a stay on Bihar’s anti-liquor law.
European stocks were sharply lower as concerns over the systemic risk posed by German banks weighed on investor sentiment. Britain’s FTSE, Germany’s DAX and France’s CAC were down 1-2 percent.
Europe followed the trend set by Asia, where markets were lower across the board on the final trading day of the quarter, after concerns over Deutsche Bank’s stability drove down sentiment in US markets Thursday.