Moneycontrol Bureau
Even though April Wholesale Price Index (WPI) inflation eased to a 41-month low (down at 4.89 percent), the market didn't seem to notice it. The Sensex was up 103.56 point at 19795.23 while the Nifty gained 35.45 points to be at 6015.90. Strength in oil stocks was supporting the indices. Some buying interest were seen in ONGC (up 1.9 percent) and OIL (up 2.2 percent) as news reports suggest both the oil companies have requested the government to cut the discounts they must give refiners on crude purchases as oil prices have softened. ONGC has apparently sought a USD 60 per barrel realisation on sales, from the current USD 47 per barrel, while OIL wants its realisation capped at USD 65 per barrel. Crude slipped on news of rising production from the Organization of Petroleum Exporting Countries (OPEC). Brent was at USD 102 per barrel. Bharti Airtel, GAIL, Hindalco and SBI were key gainers in the Sensex. Among the midcaps, Aptech continued to hog limelight as the stock was still up around 9 percent after it announced a buyback at up to Rs 82 a share. Meanwhile, selling pressure were seen in Wipro, Bajaj Auto, Dr Reddy’s Labs, Tata Steel and BHEL. Amara Raja remained under pressure as it cracked 5 percent after March quarter margins disappointed at around 14 percent.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
