INDIAN BENCHMARKS are trading on a lower note during the morning trading session mirroring losses in the global equities after the recent rally in oil prices reversed stoking concerns regarding the outlook of the global economy. Oil futures slipped on oversupply glut. Rise in US crude stocks raised concerns about global oversupply, outweighing moves by oil producers including Saudi Arabia and Russia to cap oil output. US crude inventories rose by 2.1 million barrels last week, to a peak of 504.1 million barrels, the third week of record highs in the past month, data from the US government's Energy Information Administration (EIA) showed on Thursday. At 9:29 am BSE SENSEX was at 23609.52, down by 39.7 points or by 0.17% while the NSE Nifty Trading Tips was at 7161.45, down by 30.3 points or by 0.42%. The top gainers of the BSE Sensex pack were M&M up 1.02%, Wipro up 0.99%, RIL up 0.98%, Bajaj Auto 0.96%, Bharti Airtel 0.75%, among others. The top losers of the BSE Sensex pack were BHEL 1.88%, Coal India 1.29%, Axis Bank 1.14%, ITC 1.02%, GAIL 0.82%, among others. Among the sectoral indices on BSE, BSE Metal index was at 6810.74, down by 55.97 points or by 0.82% led by Vedanta 2.18%, Hindalco Inds 1.45%, Coal India 1.29%, JSW Steel 0.67%, Tata Steel 0.66%.
Asian stocks were trading lower as investors booked profit after gains in the previous sessions as the recent upmove in global crude oil prices took a breather on the back of rising US oil inventory while global economic growth concerns also weighed on sentiment. Japanese shares witnessed profit taking after recent gains. Meanwhile strengthening of the Yen further hurt the sentiments. The benchmark Nikkei was down 2.3% while Shanghai Composite was down 0.1 % while Hang Seng eased 0.6% and Straits Times was down 0.4%
Trend in FII flows:
The FIIs were net sellers of Rs -418.64 Cr in the cash segment on Wednesday while the DIIs were net buyers of Rs 712.12 Cr, as per the provisional figures released by the NSE.
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