OIL RISES ON HOPES OF EASING U.S.-CHINA TRADE TENSION

At the MCX, Crude oil futures for Sep 2019 contract was trading at Rs. 3943.00 per barrel, up by 2.07%, after opening at Rs. 3842.00 per barrel, against a previous close of Rs. 3863.00 per barrel. It touched an intra-day low of Rs. 3842.00 per barrel and high of Rs. 3964.00 per barrel.

Oil prices rose on Monday after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and crude demand.

MCXCOMDEX opened at 3862.63 and traded up by 0.75% at 3890.73. Commodities like Crude oil, Natural Gas, CPO, Silver, Gold, Nickel, Copper, Mentha oil were stood as top gainers, gained 2.07%, 1.94%, 1.30%, 1.13%, 0.58%, 0.53%, 0.48%, 0.40% respectively. On the other hand, Cardamom, Aluminum, Cotton, Lead, Zinc futures were stood as top losers, lose by 4.00%, 0.74%, 0.25%, 0.19%, 0.16% respectively. Aluminum Aug future traded on flat note.

Domestic Equity Markets staged impressive gains on Monday lifted by banking, NBFCs, and realty stocks. Fiscal stimulus announced by the government on Friday, August 23, lifted sentiment at D-Street where investors rejoiced rollback of super-rich tax on FPIs, upfront capitalization of public sector banks, and deferment of hiked registration fees for automobiles. That apart, the sentiment was also aided by a possible resumption in trade talks between the United States and China. At Close, Nifty up 228.50 points or 2.11% to 11057.85 level and Sensex ended at 37494.12 at a decline of 792.96 points or 2.16%.