Oil prices fell to 7-month lows in the global market amid latest foreign fund inflows. The world’s top-three producers offset supply worries from the start of U.S sanctions coming week against Iran’s petroleum exports.
Buying gold and the other ornaments on Dhanteras is ritual or custom. It is believed that the ornaments purchase on this day bring good fortune, specially Gold and the fortune never diminish.
Indian equity benchmarks opened moderately higher on Thursday, tracking positive global cues, but soon pared gains and trade on flat line on account of heavy selling pressure gripped in most IT, pharma and FMCG stocks.
Coal India was the top loser on the NSE, down 3.57 percent after the company has announced that the govt will be selling up to 9%of its stake in the prized public sector company as part of its ambitious disinvestment plan.
Meantime, the RBI has said that it will infuse Rs 40,000 crore into the system in November by buying govt bonds by way of open market operations for maintaining liquidity in the market.
With growing global oil production and the market turning towards a situation where supply may well overrun demand, traders are cautious of building up positions in crude futures.