The sharemarket is struggling to pick up pace in early trade. The Sensex is up 55.71 points at 27996.35 and the Nifty is up 13.35 points at 8371.20. About 1269 shares have advanced, 810 shares declined and 60 shares are unchanged.

Oil & gas stocks have recovered after yesterday’s massive fall reacting to government increasing excise duty of petrol and diesel. GAIL, Bajaj Auto, ONGC, Coal India and Tata Motors are top gainers in the Sensex. Among the losers are Tata Power, Cipla, Dr Reddy’s Labs, HUL and Sun Pharma.

Gold eased and was likely to finish lower for a third week in four, as a resilient dollar and strong US economic data undercut bullion’s appeal as a hedge. It has failed to recover strongly from a 4-1/2-year low of USD 1,131.85 hit last week, on steady outflows from gold-backed funds.

The dollar rose to a fresh seven-year high against the yen, bolstered by rising Japanese equities amid speculation that Japan’s leader would call an election and delay a sales tax hike.

Coustery : http://www.moneycontrol.com/news/local-markets/nifty-struggles-to-touch-8400-oil-infra-auto-stocks-up_1228407.html

Save