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Moneycontrol Bureau 12:20pm Brent crude UpdateBrent crude gave up some of its gains and dropped toward USD 62 a barrel today in volatile trading, which saw prices fall to a 5-1/2 year low after the IEA cut its outlook and then rise more than a dollar on hopes of improving manufacturing data.
Brent for January delivery LCOc1 was at USD 62.05 a barrel at 0425 GMT (11:25 p.m. EST), up 20 cents from its Friday's settlement but 90 cents below the intra-day high of USD 62.95 a barrel.
Earlier, Brent fell to near USD 60 after the International Energy Agency forecast further price falls and OPEC's chief defended the group's decision not to cut its output target.
US crude for January delivery CLc1 was trading at 57.88 a barrel, almost flat with its last settlement, after hitting a low of USD 56.25 earlier in the day - the lowest since May 2009.
The volatile trading was a result of conflicting factors, with economic indicators supporting prices while supply factors acted as price breaks, reports Reuters.
12:00pm Market Check
Equity benchmarks gained marginal strength in noon trade following sharp fall in WPI inflation at 0 percent in November compared to 1.77 percent in October. The Sensex rose 22.94 points to 27373.62 and the Nifty climbed 11.05 points to 8235.15, supported by banking & financials stocks.
About 1081 shares have advanced, 1372 shares declined, and 84 shares are unchanged on the Bombay Stock Exchange. The Indian rupee fell 36 paise to 62.67 per dollar.
Housing finance company HDFC extended gains, up 4 percent. A media report suggested that Standard Life is planning to increase its stake in joint venture HDFC Standard Life Insurance company to 33 percent from 26 percent. HDFC holds 72.4 percent in JV.
Private sector lender HDFC Bank and its rival State Bank of India gained 1 percent each. Coal India surged 2.5 percent while two-wheeler majors Hero Motocorp and Bajaj Auto climbed over half a percent.
However, technology stocks remained under pressure post TCS provided bearish Q3 outlook. The stock fell more than 3 percent as the software services provider says it expects a weak quarter from BFSI and sees negative 220 basis points impact due to cross currency. Infosys slipped nearly a percent while Wipro trimmed losses from 2 percent to 0.4 percent.
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