BSE Sensex, NSE Nifty, Indian rupee, Gold on June 24, 2014
Tue Jun 24 2014, 19:55 hrs
Fall in the global crude oil prices eased inflation concerns helping the benchmark Sensex today to rise about 338 points to 25,368.90, its biggest gain in more than two weeks. Oil prices slipped on receding fears that the crisis in Iraq could result in a major supply disruption. US benchmark West Texas Intermediate fell 54 cents to USD 105.63 per barrel and Brent eased 63 cents to USD 113.69.
Clocking the first gain in 5 days,the benchmark Sensex today rebounded 337.58 points to end at 25,368.90 as lower global crude oil prices eased inflation concerns and buying in bluechip shares RIL, HDFC and ITC lifted the sentiment.
Ending a two-day falling trend, the rupee today recovered by seven paise to close at 60.13 against the US dollar on the back of a sharp rise in local equities following a drop in global crude oil prices. Fresh dollar selling by exporters and a weak dollar overseas also aided the rupee rise while sustained capital outflow restricted the surge, a forex dealer said.
Gold prices rebounded at the domestic bullion market today due to renewed demand from jewellery stockists and retail consumers.Moving with the general trend, silver also rallied supported by frantic speculative buying.
India's crude oil production dropped marginally in May as a fall in output at fields operated by state-owned ONGC and OIL negated increased flows from private firms including Cairn India. Crude oil production was at 3.16 million tonnes in May compared with 3.17 million tonnes in the same period a year ago, according to data released by the Oil Ministry here.