The market keeps uptrend intact as IT and banks shares lead. The Sensex is up 144.04 points or 0.5 percent at 28380.43, and the Nifty is up 45.05 points or 0.5 percent at 8609.65. About 1545 shares have advanced, 851 shares declined, and 143 shares are unchanged. HDFC twins, Hindalco, Lupin and TCS are top gainers while Sun Pharma, Coal India, ONGC, Tata Motors and Tata Steel are losers in the Sensex. Oil prices fell in Asian trade, extending weeks of losses after a US report stoked expectations of a global glut of suppliers.
A glut in crude oil supply is seen as the main driver for a sharp decline in oil prices that has seen crude slump to almost a third of its mid-2014 peaks. News of rising US production comes as top producing cartel OPEC has refused to cut output, and as investors wait for Iran to ramp up exports after a major deal over its nuclear programme last month. In exchange for curbing its nuclear activities, Tehran will see the lifting of sanctions, which have slashed its oil exports.
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