The markets have shrugged off the surging oil prices and a lacklustre Asia and Europe to move higher in the late noon session. Putting behind a lethargic morning session, both the BSE barometer and the Nifty have regained their psychological 20k and 6k mark respectively, aided by a jump in the metal and FMCG pack. The Sensex is quoting at 20048, higher by 65 points and the Nifty is at 6004, up 24 points.
The global crude oil prices climbed toward a two-year high, above $91 a barrel, on Thursday as cold weather in the US boosted demand, slashed stockpiles and contributed to a stronger-than-expected rise in fuel consumption in 2010.
Meanwhile, the Asian indices ended marginally lower across the board, with the Straits Times being the only exception. And the European bourses, including the CAC, FTSE and DAC, edged marginally down in early trades. The US stocks racked up a fourth straight week of gains as investors expected optimism about the economic recovery to support equities through year-end. The Dow added 14 points to 11,573, while the Nasdaq eased five points to 2,665 in overnight trades.
And oil prices climbed toward a two-year high on Thursday as cold weather in the US boosted demand, slashed stockpiles and contributed to a stronger-than-expected rise in fuel consumption in 2010.
In the metal index, Hindalco has jumped 2.3% at Rs 239, Sterlite has gained 1.7% at Rs 184 and Tata Steel has added 1.7% at Rsc 673. And the FMCG space has seen the likes of ITC strengthening by 1.8% at Rs 169 and Hindustan Unilever adding 0.8% at Rs 294.
On the losers side, Tata Motors has weakened by 2.7% at Rs 1311, BHEL has shed 0.8% at Rs 2289 and Maruti has lost 0.5% at Rs 1385.
The market breadth is mildly positive. Out of 2925 stocks traded on the BSE, there are 1504 advancing stocks as against 1303 declines.