OIL GAINS AS IRAN TENSIONS OUTWEIGH US SUPPLY BOOM

At the MCX, Crude oil futures for Jul 2019 contract was trading at Rs. 4097.00 per barrel, up by 0.27 %, after opening at Rs. 4083.00 per barrel, against a previous close of Rs. 4086.00 per barrel. It touched an intra-day low of Rs. 4068.00 per barrel and high of Rs. 4107.00 per barrel.

Oil prices rose on Tuesday as tensions in the Middle East outweighed the impact of a resumption of production in the Gulf of Mexico after Hurricane Barry and a boom in US supply from shale oil.

Precious Metals traded with nominal gains in futures trade on Tuesday as the rise in equities weighed on the appeal of the yellow metal as a safe-haven asset. Base metals traded mixed.

MCXCOMDEX opened with positive note at 3730.32 and traded up by 0.35 % at 3742.33. Commodities like Cardamom, Mentha oil, Nickel, Cotton, Silver, CPO, Crude oil, Gold, Zinc, Copper were stood as top gainers, gained by 4.00%, 1.40%, 1.35%, 0.89%, 0.47%, 0.38%, 0.27%, 0.11%, 0.10%, 0.01% respectively. On the other hand, Natural Gas, Lead, Aluminium futures were stood as top losers, lose by 1.09%, 0.13%, 0.07% respectively.

Domestic equity benchmarks BSE Sensex and NSE Nifty closed higher led by gains in Realty and Energy stocks.NSE Nifty 50 ended 0.64 per cent or 74.25 points higher at 11662.60 and Sensex rose 0.60 per cent or 234.33 points to 37131.04.