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OIL PRICES FALL ON WEAK ECONOMIC DATA FROM EUROPE AND CHINA

At the MCX, Crude oil futures for Aug 2019 contract was trading at Rs. 3985.00 per barrel, down by 1.29%, after opening at Rs. 4006.00 per barrel, against a previous close of Rs. 4037.00 per barrel. It touched an intra-day low of Rs. 3978.00 per barrel and high of Rs. 4029.00 per barrel.

Oil prices fell on Wednesday on weak economic data from China and Europe and a rise in U.S. crude inventories, almost erasing the previous session's sharp gains after the United States said it would delay tariffs on some Chinese products.

Gold and Silver prices were steady in morning session in India market. It has shown a bullish momentum in afternoon session due to demand for safe haven assets. The precious metal hit a life-time high of Rs 38,666 per 10 gram on yesterday after it had surpassed the Rs 38,000 mark for the first time last week.

MCXCOMDEX opened at 3886.16 and traded up by 0.01% at 3897.49. Commodities like Natural Gas, Nickel, Silver, CPO, Gold, Mentha oil, Cotton, Aluminium were stood as top gainers, gained 2.82%, 1.61%, 1.47%, 1.42%, 1.05%, 0.52%, 0.29%, 0.11% respectively. On the other hand, Cardamom, Crude oil, Zinc, Copper, Lead futures were stood as top losers, lose by 4.00%, 1.29%, 1.17%, 0.50%, 0.26% respectively.

Indices held gains on Wednesday, supported by broad-based buying across all major sectors, to end the day in the positive note. Positive sentiment was bolstered at D-street as US president Donald Trump's decision to delay imposition of additional tariff on Chinese imports doused trade-war concerns. Further, benign inflation back home, opened room for more rate cuts by the Reserve Bank of India (RBI). Nifty 50 was up 103.55 points or 0.95% at 11029.40, while Sensex was up 353.37 points or 0.96% at 37311.53.



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