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PremiumSensex Today | Share Market Updates: Indian indices ended a volatile trading day in the green as IT sector led the rally amidst positive cues from the US; however, Bank stocks came under pressure.
Asian stocks fell on Thursday pausing the heavy gains made this week, as fresh Chinese data showed prolonged weakness in the property sector and dented some of the recent optimism about a recovery in the world's second-largest economy.
The rupee declined by 9 paise to 83.18 against the US dollar in early trade on Thursday due to a firm greenback in the overseas markets.
Information technology (IT) stocks lifted Indian blue-chip indexes after a weak start on Thursday, despite other markets in Asia mostly dropping after the positivity surrounding the taming of inflation lost steam in today's trading.
The NSE Nifty 50 index ended at 19,765, 90 pts higher, while the S&P BSE Sensex rose 300 pts to close at 65,982. Eleven of the 15 broad-based Nifty sectoral indices ended in the green.
IT index led the rally helped by an improved rate outlook in the U.S. IT companies earn a significant share of their revenue from the U.S. Consumer Durables, Pharma, Energy, and Auto were among other major contributors to the rally. Bank indices and FMCG closed in the red.
Bajaj Finance shed 4% at the start but bounced back to end in green. TCS, Tech Mahindra, Hero MotoCorp Infosys, Dr Reddy's were among the major gainers, while Coal India shed more than a per cent.
Most markets fell Thursday as investors took a breather and cashed in on a recent rally, though analysts said the outlook was bright, even as data pointed to a soft landing for the world's top economy.
Japan's Nikkei share average snapped a three-day winning streak as investors chose to lock in profits after a sharp rally in the previous session, with a rebound in U.S. Treasury yields also weighing on sentiment. The Nikkei index closed 0.28% lower.
Chinese stocks closed lower as investors were disappointed by a meeting between the leaders of the world's two largest economies, with data showing prolonged weakness in the property sector also hurting sentiment.
The blue-chip CSI 300 Index closed down 1%, while the Shanghai Composite Index fell 0.7%. Hong Kong's Hang Seng Index and the Hang Seng China Enterprises Index both lost 1.4%.
Europe's benchmark index slipped after a three-day run, as optimism around a peak in policy tightening and eventual rate cuts stemming from softening inflation across major economies took a backseat.
UK's blue-chip FTSE 100 index edged lower after a three-day run of gains, as luxury group Burberry tumbled after it said it would struggle to meet revenue targets.
India is committed to freedom of navigation, overflight and unimpeded lawful commerce in international waters in accordance with global norms, Defence Minister Rajnath Singh said on Thursday against the backdrop of China's increasing military muscle flexing in the South China Sea.
In an address at a meeting of 10-nation ASEAN and some of its dialogue partners in Jakarta, Singh also underlined the importance of dialogue and diplomacy to ensure enduring peace and stability in the world and flagged concerns over consequences of various conflicts. (PTI)
India's Tata Technologies set a price band of 475-500 rupees per share for its initial public offering, per a term sheet and newspaper ad on Thursday, valuing the first Tata Group company to go public in nearly two decades at roughly $2.5 billion.
India has had a record 194 IPOs so far this year, during which the stock market has hit record highs as the country's economic growth prospects and a vast consumer base make it an attractive prospect for companies and investors.
Tata Technologies, which provides engineering and technology services to auto, aero and heavy machinery makers, will be worth 202.83 billion rupees at the upper end of the price band, less than most of its peers. (Reuters)
Aurobindo Pharma Limited has experienced a notable surge of over 15% in its share prices during the month of November. This positive momentum is attributed to the consistent improvement in the company's prospects, primarily fueled by a robust Q2 financial performance that has bolstered investor confidence.
In Q2, Aurobindo Pharma reported substantial year-on-year (YoY) growth in both revenue and profit. The revenue witnessed a remarkable increase of 25.79%, and the profit demonstrated an impressive growth of 84.93% YoY. Moreover, on a sequential basis, the company recorded a growth of 5.38% in revenue and a notable 32.66% increase in profit. These strong financial results have contributed to the positive sentiment surrounding Aurobindo Pharma, reflected in the upward trajectory of its share prices. (Read More)
KPI Green Energy shares surged to a 10% upper circuit, reaching ₹1148.10 apiece on the BSE, marking a new 52-week high. This surge is attributed to the company's plans to raise fresh funds through a qualified institutional placement (QIP), as per market sources. The stock opened at ₹1,050 per share on the BSE.
Throughout the year, KPI Green Energy's stock price has witnessed a remarkable 162% increase. Despite a dip of 8% in September and a marginal 0.4% decline in October, the stock has rebounded in November, demonstrating a 40% increase after a consolidation phase. (Read More)
Colin Shah, MD, Kama Jewelry: The doubling of gold imports during the April–October 2023 period is largely owing to the severity of geopolitical conditions, first the Russia–Ukraine war and then the Israel–Hamas conflict. With India being a globally renowned hub for gold and diamond processing, the import of unfinished yellow metal has been on the rise during the 8-month period. But global exports from India have recorded a downfall in the overall demand for finished gold products due to the volatile situation, thus leading to the doubling of imports.
However, domestic demand for gold has been robust against the backdrop of festive buying followed by the wedding season, showcasing sustained momentum. We foresee the traditional gold-buying habit in India continuing with little to no impact on sales in the domestic markets of India.
The government on Thursday announced a reduction in the windfall profit tax on domestically produced crude oil and diesel exports, aligning with the downward trend in global oil prices.
The tax, imposed as Special Additional Excise Duty (SAED) on crude oil, has been lowered from ₹9,800 per tonne to ₹6,300 per tonne, as stated in an official release, PTI reported.
Meanwhile, the government has decided to decrease the SAED on diesel exports from ₹2 per litre to Re 1 per litre. (Read More)
Gold prices rose on Thursday, helped by expectations that the Federal Reserve's policy tightening cycle has come to an end, although a higher U.S. dollar kept gains in check.
Spot gold gained 0.4% to $1,966.41 per ounce, as of 0754 GMT. U.S. gold futures rose 0.3% to $1,969.10.
"Gold's strong rebound from its 200-day average gives bulls the upper hand (in) the near-term, so we prefer to buy dips above 1,940 for a potential move to the 1,985–2,000 range," City Index senior analyst Matt Simpson said.
"Gold's volatility has receded following the excitement after the U.S. inflation report, and it looks quite comfortable around $1,960 despite the dollar’s attempt to recoup some of its losses," Simpson added. (Reuters)
Vedanta's arm Malco Energy Ltd has set up a new unit in Saudi Arabia for copper business at an investment of 1,00,000 Saudi riyals ( ₹22.19 lakh).
"Malco Energy Ltd, a wholly-owned subsidiary of the Company, has incorporated a new wholly-owned Subsidiary in the name of 'Vedanta Copper International VCI Company Limited," metal and mining giant Vedanta said in a filing to BSE.
Vedanta Copper International VCI Company Limited has been incorporated to explore growth opportunities in new geographies, it said.
Vedanta had earlier announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to creating shareholder value. (PTI)
Oil marketing Companies as Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL) saw their share prices see strong gains of 2-4.1% in morning trades on Thursday
The regular decline in crude prices is lifting sentiments for oil marketing companies said analysts. The Brent crude that had risen close to $100 a barrel in September however has now come back and was trading at $80.45 a barrel levels on Thursday. High crude prices impact the marketing margins of the OMCs. (Read More)
Arrowhead Separation Engineering's IPO has opened for subscription from Thursday, November 16, and will remain open until Monday, November 20. The price band for the IPO is set at ₹233. Investors have the flexibility to bid for a minimum of 600 shares and in multiples thereof. The face value of the equity shares is ₹10 each, and the issue price is set at 23.3 times the face value. Investors have this window to participate in the subscription process for Arrowhead Separation Engineering's IPO. (Read More)
SRF Ltd., the Gurgaon-based chemical manufacturer, is working on ways to bolster local supply chains of chemicals to reduce India's reliance on Chinese imports amid robust economic growth, a top company executive said in an interview with Mint.
The firm has earmarked a ₹2,500 crore investment for the current financial year, primarily for its chemicals business. This year's investment is a part of a ₹12,000 crore planned outlay for a five-year period till FY28.
SRF is also focusing on boosting its research and development capabilities. (Read More)
Suzlon's share price continued its upward momentum on Thursday, marking the fourth consecutive session of gains and rising over 3%. Over the week, the stock surged more than 12%, reaching a fresh 52-week high of ₹42 per share on the BSE.
The positive momentum in Suzlon's shares can be attributed to the optimistic market sentiment following its inclusion in the MSCI Global Standard Index. As part of the November index review, the global index provider added Suzlon Energy, along with eight other Indian companies, to the India Standard Index. This development has contributed to the recent rally in Suzlon's share price. (Read More)
Shares of Veranda Learning Solutions, a coaching services provider, rallied sharply over the last two trading sessions, gaining 29% to ₹258.60 apiece as investors were impressed with the company's Q2FY24 performance.
The company is engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid, and offline blended formats. For the September ending quarter (Q2FY24), the company posted a robust revenue of ₹100.27 crore as compared to ₹38.77 crore in the same period last year, which reflects a growth of 159% YoY. (Read More)
The domestic brokerage Motilal Oswal Financial Services reported in its Q2 results review report that margin tailwinds contributed to a broad outperformance across aggregates that marked the end of the 2QFY24 corporate earnings on a positive note. The beat was driven by domestic cyclical like cement, automobiles, banking, financial services, and insurance (BFSI).
The auto industry saw a noteworthy year-on-year (YoY) growth of 112% (compared to an expected growth of +87%), led by Mahindra & Mahindra (M&M), Maruti Suzuki, and Tata Motors. (Read More)
Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox: A sharp move over the spot 17500 triggered a positive tilt on the weekly expiry of the Nifty index. With this move 19700 PE, 19750 PE and 19650 PE have seen accelerated writing. The highest OI stands in 19700 PE followed by 19750 PE.
The top 5 contenders of highest OI are all puts, implying that the Nifty 50 to decisively close over 19700-mark. To trade this move, one can wait for a throwback towards 19750 and then opt for going long in 19700 CE in the range of 70 – 65 levels, holding 40 as support mark.
One can also look for Long Bull Call spread in 19700 CE and 19800 CE.
Mumbai city (area under BMC jurisdiction) experienced a surge in property registrations as the city recorded property registrations of 12,602 units between Navratri until Bhai Dooj, spanning from October 15th, 2023, to November 15th, 2023, resulting in a 30.0% year-on-year (YoY) growth, according to Knight Frank India. This marks an increase from the 9,659 units registered during the same period last year. The state exchequer collected a total revenue of INR 1,257 Crores (Cr) from property registrations within this period. This festive season, the daily average registration rate climbed from 322 to 407 units.
Oil declined as a rise in US inventories pointed to a loosening of near-term market conditions, with prices at risk of a fourth weekly drop.
West Texas Intermediate fell toward $76 a barrel after losing 2% on Wednesday, while global benchmark Brent traded below $81. Energy Information Administration data confirmed that oil stockpiles hit the highest level since August, including a build at the key hub in Cushing, Oklahoma.
Crude trading has been buffeted by conflicting signals over recent weeks, with prices sinking to a three-month low last Wednesday before staging a modest recovery. The International Energy Agency said on Tuesday that production growth means markets won’t be as tight as had been expected this quarter, while OPEC on Monday highlighted robust demand trends. At the same time, traders expect cartel leader Saudi Arabia to prolong a supply cut. (Bloomberg)
Dikshit Mittal, fund manager of LIC Mutual Fund believes while state elections can create short-term volatility, the outcome of the General Elections 2024 is a key monitorable. In an interview with Mint, Mittal said while interest rates globally seem to be near peak, there is no clear visibility on the timeline for interest rate cuts to begin at least for the next two quarters. Edited excerpts:
Japan reported Thursday that its exports increased by 1.6% in October from a year earlier, as auto and ship shipments rose.
Government data showed exports to the rest of Asia fell, while exports to the U.S. and Europe surged.
Japanese imports fell 12.5% to 9.8 trillion yen ($64 billion), mainly due to lower costs for oil, gas and coal. Shipments of computer parts and cereal also were lower, while steel imports surged.
With exports at 9.15 trillion yen ($60.5 billion) The trade deficit for October shrank by 70% a year earlier to 662.5 billion yen ($4.4 billion). (PTI)
Commerce and Industry Minister Piyush Goyal has met Micron Technology CEO and President Sanjay Mehrotra in the US and discussed business opportunities in the growing semiconductor sector in India.
The minister is in San Francisco for the Indo-Pacific Economic Framework (IPEF) meeting.
US-based semiconductor company Micron is setting up India's first chip facility in Gujarat, which will create 5,000 direct and 15,000 indirect jobs in the coming years.
In June, the government cleared Micron's project to set up a semiconductor test and packaging unit worth USD 2.7 billion in the country.
"Met Mr. Sanjay Mehrotra, CEO & President of @MicronTech. Discussed how India's growing semiconductor ecosystem presents vast opportunities for the company to collaborate & expand its footprint in the country," Goyal said in a post on social networking platform X on Thursday. (PTI)
The sharp widening in India's merchandise trade deficit in October to a record level, fuelled by a broad-based rise in imports, will likely be an outlier, analysts said.
India's merchandise trade deficit rose to an all-time high of $31.46 billion in October, widening sharply from the $19.37 billion print in the prior month. Imports jumped from $65 billion from $53.8 billion.
"On a sequential basis, about 70% of the uptick in imports in October is led by oil, gold and silver imports," Morgan Stanley said in a note. The increase in gold and sliver imports can potentially be attributed "to certain lumpiness" in demand ahead of the Diwali festive season, it added. (Reuters)
Cement companies delivered robust financial results for the September quarter, defying the usual seasonal challenges associated with monsoons. The sector typically experiences a slowdown during this period, but this year, lower-than-expected rainfall and strategic price hikes buoyed performance. Despite being a seasonally weak quarter, both volume growth and realizations impressed.
The positive outcomes were further supported by a decline in power and fuel costs, a significant portion of expenses for cement manufacturers, which helped sustain profitability. Lower rainfall, coupled with cost management measures, contributed to the strong performance in what is traditionally considered a subdued quarter for the cement industry. (Read More)
Shares of Bajaj Finance turned positive after falling 4.1% in early trade on Thursday as brokerages shrugged off concerns, a day after India's central bank barred it from issuing loans under two products with immediate effect.
The Reserve Bank of India (RBI) said the non-bank lender failed to issue key information to borrowers under its eCOM and Insta EMI Card digital lending products, as required under the RBI's new digital lending guidelines. (Reuters)
Oil and Natural Gas Corporation (ONGC) witnessed a nearly 2% increase in its share price, reaching a 52-week high of ₹203.35 on the BSE. The surge followed reports that ONGC plans to invest ₹1 lakh crore in setting up two petrochemical plants. The stock opened at ₹202.75 on the BSE, with an intraday low of ₹201. ONGC shares were among the top gainers in the Nifty 50 during early trade. (Read More)
Ashish Shah of JM Financial views on NCC 2QFY24 Result Update: Stellar quarter
BUY INR 195
NCC posted stellar performance in 2QFY24 as adjusted PAT at INR 2.2bn (+79% YoY) beat JMFe of INR 1.5bn (consensus: INR 1.6bn) led by higher revenue and margin. Reported PAT was lower at INR 690mn due to revenue reversal (net) of INR 2bn and (-ve) impact on PAT of INR 1.5bn due to impact of SEIL Energy India (erstwhile Sembcorp) arbitration and a favourable claim. NCC won consolidated inflows of INR 204bn (standalone: INR 166bn) in YTD. Standalone order backlog stands strong at INR 541bn (3.5x TTM revenues). NWC (ex-free cash and loans to subs) intensity declined sharply to 116 days in Sept-23 (Sept-22: 156 days). Standalone gross debt stood at INR 14.7bn, lower than INR 20bn in Sept-22 but above INR 9.8bn in Mar-23 due to seasonality. NCC continues to show marked improvement in its operations and NWC management. We raise earnings by 7-10% and estimate revenue/EPS CAGR of 20%/21% over FY23-26E. Maintain BUY with revised price target of INR 195.
Rox Hi-Tech Limited's IPO had a strong debut on the NSE SME, with its share price opening at ₹135, a significant 62.65% higher than the issue price of ₹83. The IPO's price band was set between ₹80 to ₹83, and the lot size allowed investors to bid for a minimum of 1,600 shares and in multiples thereof. (Read More)
The entertainment unit of India's Reliance has signed a deal with The Pokemon Company to show children's shows and movies on its platform, two people with knowledge of the deal said, its latest bid to boost content amid a domestic rivalry with the Walt Disney Co and other streaming services.
The deal, signed this month, will make JioCinema's streaming app the "exclusive" India platform partner for more than 1,000 episodes and around 20 movies of the Japanese anime series, one of the sources said, without disclosing any financial details.
The shows and movies will be dubbed into three Indian languages to broaden their appeal, the source added. Pokemon has spawned a global multi-billion dollar media franchise spanning trading cards, games, TV shows and movies. (Reuters)
The Reserve Bank on Wednesday directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products eCOM and Insta EMI Card, with immediate effect. "This action is necessitated due to non-adherence of the company to the extant provisions of Digital lending guidelines of the Reserve Bank of India, particularly non-issuance of Key Fact Statements to the borrowers under these two lending product," RBI said in a statement.
The rupee declined by 9 paise to 83.18 against the US dollar in early trade on Thursday due to a firm greenback in the overseas markets.
FII inflows and crude oil prices extending losses, however, helped the rupee restrict the fall, forex dealers said.
At the interbank foreign exchange market, the rupee opened lower at 83.18 against the US currency. It moved in a tight range in morning deals. (PTI)
Mandar Bhojane, Research Analyst, Choice Broking: The benchmark Sensex and Nifty indices are expected to open marginally higher on November 16, with indications from the GIFT Nifty suggesting a positive start for the broader index, projecting a gain of 70 points.
Analyzing the daily chart, Nifty displayed a gap-up opening, followed by a sustained upward movement, forming a hammer candlestick pattern with substantial volume. This pattern signals a bullish momentum in the index. Presently, the 19,500 level serves as immediate support for Nifty. On the higher side, resistance levels are identified at 19,850 and 19,900.
Contrastingly, on the Bank Nifty, a bearish candle was formed after a gap-up opening. The key support is identified at 44,000, while on the flip side, 19,600 and 19,700 act as resistance levels, suggesting that the price is likely to remain sideways within this range.
In terms of institutional activities, foreign institutional investors net bought shares worth ₹550.19 crore, while domestic institutional investors purchased ₹609.82 crore worth of stocks on November 15. This indicates a positive sentiment and participation from both foreign and domestic investors in the market.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: An important trend in the market is the increasing clout of DIIs, HNIs and retail investors and the diminishing influence of FPIs. During August, September October and November till date FPIs cumulatively sold stocks for ₹83422 crores through the exchanges. During this period DIIs alone bought stocks worth ₹77995 crores. FPI selling is completely getting neutralised by DII and individual investor buying. This is the reason why Nifty is around 19675, the same level which it was in early August.
The resilience of the market and strong up moves on favourable days like yesterday have forced a rethinking in FPI strategy. That’s why they bought for ₹550 crores yesterday after sustained selling in all other days of November.
FIIs turning buyers is favourable for banking stocks, particularly the large caps, which are attractively valued. Automobiles are on a strong wicket.
Cyient signs letter of intent with Thales to work to tackle climate change.
According to a Bloomberg report, top business leaders attending the dinner include Tim Cook, Elon Musk, BlackRock CEO Larry Fink, Blackstone CEO Steve Schwarzman and Visa CEO Ryan McInerney.
Other tech leaders expected to attend include Qualcomm CEO Cristiano Amon and Broadcom CEO Hock Tan, the Bloomberg report said, citing sources. (Read More)
Vedanta Aluminium on Wednesday said that it has dispatched its first supply of low-carbon aluminium to a company based in Telangana.
As part of the order, the company will supply 300 metric tonnes of Restora Billets to Global Aluminium.
"Vedanta Aluminium has dispatched its first domestic supply of Restora, the nation's first-ever low-carbon 'green' aluminium, to Global Aluminium Pvt Ltd, a leading aluminium extrusion company based in Telangana," the company said in a statement.
Manufactured using renewable energy, Restora is produced with a greenhouse gas emission intensity within four tonnes of CO2 equivalent per tonne of aluminium manufactured, which is the global threshold for aluminium to be considered as having a low carbon footprint. (PTI)
State-owned UCO Bank on Wednesday said the bank faced some technical issues due to which some accounts received erroneous credits.
The financial impact due to this is yet to be ascertained, UCO Bank said in a regulatory filing.
"It is clarified that the transactions observed by bank were due to internal technical issue as a result of which account holders of our bank have received some erroneous via IMPS. We wish to clarify that there was no issue with the IMPS platform," it said.
The bank, as a precautionary measure, has made the IMPS channel offline and is working closely with the stakeholders to resolve the issue and restore the IMPS services at the earliest, it said. (PTI)
Tata Technologies IPO price band has been fixed in the range of ₹475 to ₹500 per equity share of face value of ₹2. Tata Technologies IPO date of subscription is scheduled on Wednesday, November 22, and closes on Friday, November 24. The allocation to anchor investors for Tata Technologies IPO is scheduled to take place on Tuesday, November 21. (Read more)
Renewable energy solution provider Suzlon Group on Wednesday announced the listing of its S144 – 3 MW series of wind turbines in the Ministry of New & Renewable Energy's 'Revised List of Models & Manufacturers' (RLMM).
"This is an important milestone required for successful commercialisation of the product," the company said in a statement.
The company announced the RLMM listing of its S144 – 3 MW series of wind turbines, which are extendable to 3.15 MW, it added.
Suzlon has already installed the first prototype of this series at a hub height of 160m with a Hybrid Lattice Tubular (HLT) tower at the Gondal site in Gujarat. (PTI)
Ernst & Young LLP has appointed Janet Truncale as its upcoming chief executive officer, marking a historic milestone as the first woman to helm a Big Four audit firm. The London-based accounting giant officially announced the leadership transition, stating that Truncale is set to succeed Carmine Di Sibio on July 1, according to Bloomberg.
Carmine Di Sibio, who assumed the role of global chair and chief executive in 2019, had ascended through the ranks of EY’s US business, where he served financial services clients, including notable institutions such as Goldman Sachs. (Read More)
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends these stocks for day trading:
1] CG Power: Buy at ₹394, target ₹410, stop loss ₹387;
2] GRSE: Buy at ₹790, target ₹834, stop loss ₹777; and
3] Texrail: Buy at ₹137, target ₹144, stop loss ₹134. (Read More)
Tata Consultancy Services (TCS), a prominent Indian IT company, has established the record date for its ₹17,000 crore share buyback initiative, as disclosed in its stock exchange filing on Wednesday. The company had earlier declared its intention on October 11 to repurchase a total of 4,09,63,855 fully paid-up equity shares with a face value of ₹1 each. The buyback is set at ₹4,150 per equity share, totaling ₹17,000 crore. The record date for this transaction is scheduled for November 25. (Read More)
The Reserve Bank of India (RBI) has barred Bajaj Finance Ltd from lending under its eCOM and Insta EMI Card products.
“This action is necessitated due to non-adherence of the company to the extant provisions of digital lending guidelines of Reserve Bank of India, particularly non-issuance of key fact statements to the borrowers under these two lending products and the deficiencies in the key fact statements issued in respect of other digital loans sanctioned by the company," the RBI said in a press release on Wednesday.
The regulator said it will review the supervisory restrictions after the company rectifies deficiencies to the RBI’s satisfaction. (Read More)
U.S. stocks closed slightly higher on Wednesday, as fresh inflation data reinforced investor hopes that the Federal Reserve is done raising interest rates, while retail stocks were boosted by an upbeat forecast from Target .
Shares in Target surged after the retailer forecast a fourth-quarter profit largely above expectations on easing supply-chain costs.
Target's bright outlook lifted shares of other retailers including Macy's and Kohl's. The S&P 500 consumer staples index, which includes Target, was among the top sector gainers throughout the session.
Stocks had rallied on Tuesday after a softer-than-expected consumer price index (CPI) reading boosted optimism that the Fed might be able to avoid raising rates further.
Additional data on Wednesday showed the biggest decline in producer prices in 3-1/2 years in October on the back of cheaper gasoline, offering more evidence of easing price pressures. (Reuters)
