Mumbai: It’s been a see-saw day for the markets. They opened down, and then jumped on better than expected inflation numbers and news of peace talks in Libya. By midday, the BSE Sensex rose in mid-day trade to over 18603 or up 0.9%.
But as Reuters reported about air strike in the Brega oil terminal in east Libya, the markets again nose-dived. As of 2:50pm, markets seem to cut their losses once again with the Sensex down 45 points or 0.2% at 18401.
Oil prices aren’t helping too. Brent crude oil which hit a day’s low of $113.09 a barrel after rising to $117 levels earlier, managed to cut its gains to trade at $115.95 a barrel at 2:48pm.
We are back to the pre-budget situation of selling on rises. Until the situation is clear on the West Asian and crude oil front, markets will tend to be volatile, said Deepak Jasani of HDFC Securities.
The budget is over for now. All eyes are tuned towards crude and the Middle East