Crude oil prices were dropped on Wednesday amid worries that demand would stall on the back of the trade war between the United States and China. US WTI crude futures priced at 52.61 dollars per barrel while Brent crude oil futures is at USD 61.52 per barrel.
Market experts forecast that interest rates can be maintained at the RBI policy meeting on Wednesday. Further, the RBI will bring Rs 10,000 crore into the system through govt bond purchases in open market on 6th December to increase liquidity.
Key Benchmark indices – Sensex, Nifty – opened lower taking cues from global markets. The BSE Sensex is trading at 35,871 levels down by 262 points, while Nifty is trading at 10,788 levels down by 81 points at the time of this report.
Hindalco, Indiabulls Housing, Tata Motors and Titan were among early losers on the Nifty while Bharti Infratel, NTPC were leading. All Nifty sectoral indices are in red with Metal and Auto indices falling the most over 1 percent.
The rupee is trading at 70.7 per US dollar which is equal to its opening rate.