OIL PRICES WEAKEN AS US, CHINA ADD MORE TARIFFS IN TRADE WAR

At the MCX, Crude oil futures for Sep 2019 contract was trading at Rs. 3917.00 per barrel, down by 2.33%, after opening at Rs. 3958.00 per barrel, against a previous close of Rs. 3957.00 per barrel. It touched an intra-day low of Rs. 3907.00 per barrel and high of Rs. 3979.00 per barrel.

Oil prices fell by 1 per cent on Tuesday, weighed down by the protracted US-China trade dispute that has dragged on the global economy as well as rising OPEC and Russian oil output.

Gold and silver prices rose in the domestic market as the rupee slipped after GDP data slipped to a six-year low as reported last week.

MCXCOMDEX opened at 3961.50 and traded down by 0.24% at 3949.82. Commodities like Natural Gas, Silver, Gold, Lead, Nickel, Aluminium were stood as top gainers, gained 1.38%, 0.53%, 0.52%, 0.16%, 0.15%, 0.04% respectively. On the other hand, Cardamom, Natural Gas, CPO, Crude oil, Zinc, Cotton, Copper futures were stood as top losers, lose by 1.58%, 1.50%, 1.40%, 1.01%, 0.79%, 0.66%, 0.56% respectively.

The equity market crashed on Tuesday with Sensex and Nifty declining over 2% each on heavy selling in PSU banks and auto indices. Despite several efforts by the government to boost the economy, market sentiment was hit by weak macroeconomic data releases and deteriorating auto sales for August. At Close, Nifty down 225.35 points or 2.04% to 10797.90 level and Sensex ended at 36562.91 at a decline of 769.88 points or 2.06%.