Nirmal Bang

Energy Market Outlook and Sector Updates: Nirmal Bang

natural gasOil prices fell again on Tuesday by nearly 40 cents to $50.14 per barrel on the declining demand and swine flu.

US Natural Gas gained more than 2% on short covering ahead of the May expiry.

The stocks of crude in the US went up by 4.6 mn barrels, more than twice expected, reported American Petroleum Institute.

The Output of Natural Gas is expected to go down because of a record decline in the number of gas rigs to below 700. This may be balanced by a weak heating demand leading to a steady build up in inventories and mild weather forecast.

Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

copperMost of the metals ended the day on a downward note taking cues from the worsening Swine flu situation and weakening demand outlook across the globe. The worst hit was nickel, shedding $575 and closing the day at a three week low of $10800 on LME .

Latest data from the International Copper Study Group (ICSG) confirmed the gloomy demand outlook. ICSG said the world copper market saw a surplus of 155,000 tonnes in January, compared with a deficit of 22,000 tonnes in January 2008.

Bullion Update, Precious Metals Trading and Market Outlook: Nirmal Bang

goldGold was quoted at $889.70 an ounce, down by more than 1%, the biggest in more than two weeks. In the Indian markets, gold went down by Rs 195 to close at 14515 continuing the sluggish demand post Akshay Tritiya and ahead of a long weekend.

The dollar fell against euro as much as 0.9% as the risk tolerance drove the demand of greenback southwards and the US Economic data of home prices came out to be positive. But the downside may be limited because of the swine flu, which may see a safe haven buying.

Short Covering helps Indian Stocks Markets close higher

Stock MarketsThe benchmark indices ended smartly with hefty gains after yesterday's steep fall on the back of positive global cues and short covering on the F&O expiry day. The Sensex closed at 11,403 up 402 points or 3.65% and the Nifty surged 3.32% or 112 points to settle at 3,474. Te BSE Midcap Index closed 63 points or 1.83% and the Smallcap Index went up 1.35% or 52.

All BSE sectoral indexes ended in green. Buying was across the board, IT, banking, oil & gas and capital goods let the rally today.

The Sensex ended the April series with 17.5% gain while the Nifty surged 15%.

Movers & Shakers

Energy Market Outlook and Sector Updates: Nirmal Bang

oilOil prices fell for the second straight trading session by nearly 3% to $50.14 per barrel on concerns that the swine influenza may affect the travel and hospitality industry resulting in a further delay in the recovery from the global recession. Investors feared a new blow to an already fragile global economy if trade flows are curbed and manufacturing is hit.

Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

nickelBase metals witnessed range bound trading session and ended the day with negative bias, Copper and zinc shed more than 4% discounting the flu to snow ball into a pandemic and derail the global economy's nascent recovery.

Nickel fell by 5.4% on account of heavy selling by traders and speculators in tandem with a weakening global trend. Reduced off take by consuming industries, such as stainless makers also weighed on nickel prices.

Pages