OIL PRICES FALL DUE TO WEAK ECONOMIC DATA, SAUDI OUTPUT RECOVERY

At the MCX, Crude oil futures for Oct 2019 contract was trading at Rs. 4135.00 per barrel, down by 0.39 %, after opening at Rs. 4152.00 per barrel, against a previous close of Rs. 4151.00 per barrel. It touched an intra-day low of Rs. 4122.00 per barrel and high of Rs. 4158.00 per barrel.

Oil prices fell on Tuesday after weak manufacturing data from Europe and Japan focused market attention on a gloomy outlook for demand and as Saudi Arabia could restore oil output faster than anticipated following attacks last week.

MCXCOMDEX opened flat at 3989.07 and traded down by 3.04% at 3977.36. Commodities like Natural Gas, Copper, Lead were stood as top gainers, gained 1.51%, 0.20%, 0.03% respectively. On the other hand, CPO, Cotton, Nickel, Mentha oil, Zinc, Crude oil, Silver, Aluminium, Gold futures were stood as top losers, lose by 1.50%, 1.02%, 0.96%, 0.51%, 0.45%, 0.40% 0.39%, 0.34%, 0.21%, 0.12% respectively.

Indian equity market ended flat on September 24, mostly on profit-booking, amid uninspiring global cues, while investors assessed the impact of tax rate cut on different stocks and sectors after a two-day blockbuster rally. At close, Sensex rose 7.11 points or 0.02% to settle at 39097.14 while Nifty slipped 12.00 points or 0.10% to settle at 11588.20 levels.