Friday 18 May 2018



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The market extended opening losses, continuing correction for the fourth consecutive session amid higher crude oil prices, weak rupee.

The Sensex has broken 35,000 levels, down more than 181 points at 34,968.12 and the Nifty declined 47.20 points to 10,635.50 while the Nifty Midcap was down half a percent.

HDFC Bank, ITC, Reliance Industries, ICICI Bank, L&T and Infosys are pushing the market lower while Bajaj Auto gained 2 percent ahead of March quarter earnings due later in the day.Oil prices held firm on strong demand, ongoing supply cuts led by producer cartel OPEC and looming US sanctions against major crude exporter Iran.

But markets remained below multi-year highs from the previous day as surging output from the United States is expected to offset at least some of the shortfalls.

Brent crude futures were at $79.53 per barrel, up 0.29 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday.

US West Texas Intermediate (WTI) crude futures were at USD 71.62 a barrel, up 0.18 percent from their last settlement, reports CNBC.

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