MARKET REPORT
The S&P BSE Sensex rallied over 250 points at open but soon pared gains on Friday, thanks to the geo-political tensions in the Middle East. According to reports, Saudi Arabia has hit fresh targets inside Yemen to flush out Houthi Rebels.
INDIAN MARKET HIGHLIGHT
• Oil and Natural Gas Corp gains 1.3 pct, Oil India Ltd adds 0.5 pct.
• The benchmark BSE index is up 0.29 percent.
• The broader NSE index 0.24 percent.
• India's one-day cash rate higher at 7.70/7.75 percent.
• NMDC Ltd, India's biggest iron ore producer, falls 1.3 pct.
• Petronet LNG falls 2.6 pct.
• Large-cap IT stocks such as Infosys.
• Tata Consultancy Services seen rising.
MARKET RESEARCH
ONGC, Cairn India: Shares or oil exploration companies are in focus following sharp rise in the global oil prices. The crude oil futures have eased but continue to trade near 2015 highs in the wake of escalating tensions in Yemen.
According to reports, Saudi Arabia is planning to send 5,000 soldiers to the southern city of Aden in the coming days. Crude oil is hovering at $50.54 per barrel and Brent Crude oil prices are at $58.48 per barrel.
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