Sensex, Nifty gain on easing crude oil prices

Positive global cues along with an ease in global crude oil prices pushed the key equity indices in the green during the mid-afternoon session of trade on Tuesday.

The benchmark Brent Crude eased to $69.38 a barrel after it surpassed the $71 mark on Monday. As a result, S&P BSE Oil and gas index gained 1.43, most among all the 19 sectors on BSE.

However, the index pivotals – finance and banking stocks – traded in red.

“Oil prices fell by more than 1 per cent on Tuesday, with Brent crude sliding below $70 a barrel and WTI below $60 per barrel, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market,” said Anuj Gupta, Deputy Vice President – Research – Commodities and Forex, Angel Brooking.

“US West Texas Intermediate (WTI) crude oil futures were at $59.06 per barrel at 0115 GMT, down 87 cents, or 1.5 percent from their last settlement.”

He added: “We are expecting again correction in crude oil towards $58 to $55 in WTI Crude oil.”

At 12.19 p.m., the S&P BSE Sensex traded 76.10 higher at 34,889.09 from its previous close of 34,812.99.

The benchmark index touched a high of 34,890.54 and a low of 34,672.20 while the NSE’s Nifty was trading 27.70 points higher at 10,509.90.