RIL inches up ahead of Q2 results
A bout of volatility was witnessed in initial trade as key benchmark indices trimmed losses after slipping into the red after a positive start. The market breadth was strong. The barometer index, BSE Sensex, was down 31.04 points or 0.17%, off about 45 points from the day's high and up almost equal points from the day's low. Index heavyweight and cigarette maker ITC edged lower in early trade. Another index heavyweight(RIL) edged higher ahead of its Q2 results today, 15 October 2012. Axis Bank also gained ahead of its Q2 results today, 15 October 2012.
Asian stocks edged lower on Monday, 15 October 2012, with concerns about Europe keeping investors sidelined amid some mixed signals on the state of the Chinese economy.
BSE Sensex was down 31.04 points or 0.17% to 18,644.14. The index lost 74.52 points at the day's low of 18,600.66 in early trade, its lowest level since 11 October 2012. The index rose 15.81 points at the day's high of 18,690.99 in opening trade.
The S&P CNX Nifty was down 12.85 points or 0.23% to 5,663.20. The index hit a low of 5,651.05 in intraday trade, its lowest level since 11 October 2012. The index hit a high of 5,676.85 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 507 shares gained and 241 shares declined. A total of 53 shares were unchanged.
From the 30-share Sensex pack, 21 stocks fell while the rest of them rose.
Index heavyweight Reliance Industries (RIL) rose 0.38% ahead of its Q2 results today, 15 October 2012. RIL early this month signed a 15-year heavy crude oil supply contract and a memorandum of understanding with Venezuelan state-run oil company Petroleos de Venezuela SA (PDVSA) for further development of Venezuelan heavy oil fields. PDVSA will supply between 300,000 to 400,000 barrels per day of Venezuelan heavy crude oil to RIL's two refineries in Jamnagar under a 15 year crude oil supply contract. As per the MoU with PDVSA, RIL is to explore upstream options for joint participation in heavy oil projects of the Orinoco Oil Belt. RIL will also co-operate with Petroleos by providing technical assistance in areas of offshore upstream, refining and other downstream projects.
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