Oil Update: Oil
prices edged up in thin trading after steep falls in the previous session.
Worldwide Brent crude futures were trading up 4 cents at US
$ 53.04 a barrel after finishing the previous session its move downward 93
cents.
United State benchmark West Texas Intermediate crude oil
prices gained 13 cents to US $ 49.90 a barrel.
Crude oil inventories in the United States dropped 2.4
million barrels in the week that ended on 2ndDecember, compared with
analyst expectations for a draw of 1 million barrels.
Market Check: In Equity
benchmarks as well as broader markets climbed over a percent in opening trade,
driven by positive global cues.
The 30-share BSE Sensex was up 361.48 pts or 1.38 % at
26598.35 and the 50-share NSE Nifty gained 113.40 pts or 1.40 % at 8215.45.
The market breadth was strong as about five shares advanced
for every share falling on the Bombay Stock Exchange.
Tata Motors was the
biggest gainer, up 3.7 % as analysts feel the valuations are attractive
after fall in November.
ITC, HDFC, Reliance Industries, HDFC Bank, Infosys, L&T
and Maruti Suzuki were other leading contributors to Sensex's gains, up 1-2.5 %
whereas Dr Reddy's Labs was the only loser.
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