Bajaj Finance and Asian Paints are soaring in profits as top index gainers, Pharma Indices, and Nifty IT continue to trade in the red zone. As observed in today’s brokering session, trading had been going on in the lower territory for equity benchmark Sensex. The BSE Graph indicates a turbulent trading session, especially at 14:30 hours, when Sensex was at 38,063.05 with Reliance Industries, Bajaj Finance, and Asian Paints as the top-ranking contributors.
The Senior Analyst (Commodities) of HDFC Securities, Tapan Patel, said that the prices of crude oil were within a consistent range, even though the price of crude oil NYMEX WTI traded at less than $42 last Friday. The August futures of MCX crude oil traded at 3135 INR at almost half a percentage below the anticipated level. The slow process of financial recovery paired with an expectation of higher supply from the OPEC plus countries contributes to the maintenance of an upper limit in the prices of crude oil.
However, a great pressure is acting on the crude oil prices as of now. The global pandemic induced by the spread of COVID infection and the tension prevalent between China and the US are the factors that are driving down the prices of crude oil in spite of the promising equity indices. Financial experts and shareholders anticipate the price of crude oil to trade either sideways or downward for a day, with a favorable steadiness at $40 and a resistance at $43.
The net profit of Mahanagar Gas Q1 reduced by 72.8% to from 166.60 crore INR to 45.25 crore INR. The profit of Adani Transmission Q1 has increased by 66.5% from 213.4 crore INR to 355.4 crore INR.