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Markets eke out modest gains as oil prices cool; Fed rate decision eyed

twitter-logo PTI        Last Updated: September 18, 2019  | 17:31 IST

Mumbai, Sep 18 (PTI) Equity markets found firmer ground on Wednesday after two days of steep declines as easing crude oil prices and a recovering rupee shored up investor confidence. After a range-bound session, the 30-share BSE Sensex ended 82.79 points, or 0.23 per cent, higher at 36,563.88. Similarly, the broader NSE Nifty gained 23.05 points, or 0.21 per cent, to finish at 10,840.65. Global equities and oil markets stabilised after Saudi Arabia's energy minister said more than half of the country's daily crude oil production, that was knocked out by the drone attack over the weekend, has been recovered. He added that production capacity at its targeted plants would be fully restored by the end of the month. Market participants were also awaiting cues from the policy meeting of the Federal Reserve, traders said. Top gainers in the Sensex pack included Tata Steel, Vedanta, SBI, Tech Mahindra, Bajaj Finance, Asian Paints, M&M, NTPC and PowerGrid, rising up to 3.95 per cent. On the other hand, ONGC, Yes Bank, Bharti Airtel, HDFC Bank, Sun Pharma and Maruti tumbled up to 2.08 per cent. "Market was range-bound with a mild positive bias backed stability in oil prices with signs of faster restoration in Saudi production. Further, rupee gained and 10-year yield declined which added respite to the sentiment. "Auto was range-bound as the sector is unlikely to get any interim relief by way of GST cut due to concern of further shortfall in tax collection and challenges to meet fiscal target," said Vinod Nair, Head of Research, Geojit Financial Services. Sectorally, BSE realty, metal, oil and gas, power, energy and FMCG indices spurted up to 1.54 per cent. Telecom and auto lost up to 0.43 per cent. Broader BSE midcap and smallcap indices ended up to 0.39 per cent higher. Meanwhile, Brent crude futures fell 0.95 per cent to USD 63.94 per barrel (intra-day). Tracking the movement in oil prices, the rupee appreciated 52 paise (intra-day) to trade at 71.26 per US dollar. Further boosting global market mood, US President Donald Trump said a trade agreement between the US and China was likely to happen either before or immediately after the American elections. Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi ended on a mixed note. Stock exchanges in Europe were trading in the green in their respective early sessions. PTI ANS ABM ABM

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