OIL JUMPS AS MARKET AWAITS U.S. FED RATE CUT AND STOCKPILES FALL

At the MCX, Crude oil futures for Aug 2019 contract was trading at Rs. 4028.00 per barrel, up by 1.03 %, after opening at Rs. 4000.00 per barrel, against a previous close of Rs. 3987.00 per barrel. It touched an intra-day low of Rs. 4000.00 per barrel and high of Rs. 4041.00 per barrel.

Oil prices rose on Wednesday, supported by a drop in U.S. inventories and investor expectations that the U.S. Federal Reserve will lower borrowing costs for the first time since the financial crisis more than a decade ago.

MCXCOMDEX opened at 3731.28 and traded up by 0.32% at 3742.79.Commodities like Cardamom, Crude oil, Natural Gas, Mentha oil, Cotton, Nickel, Gold, CPO were stood as top gainers, gained 4.00%, 1.03%, 0.61%, 0.50%, 0.44%, 0.34%, 0.29%, 0.12% respectively. On the other hand, Silver, Zinc, Lead, Aluminium, Copper futures were stood as top losers, lose by 0.65%, 0.39%, 0.33%, 0.25%, 0.04% respectively.

Domestic benchmark indices opened broadly on a bearish note, although pared losses by the afternoon session. In the last hour of trade, however the broader market turned bullish. Sensex was up 83.88 points or 0.22% at 37481.12, while Nifty was up 32.60 points or 0.29% at 11118.00.