Market gets mojo back, Sensex up 490 pts

69023931 69023854 69022409 NEW DELHI: Riding on back of gains in Reliance Industries and FII darlings HDFC twins, domestic benchmark indices jumped over 1 per cent each on Wednesday, thus, snapping their three-day losing spree. As worries over a further hike in crude oil prices dimmed, Indian markets started to look up. The confidence seeped into markets after a report by International Energy Agency (IEA), a watchdog for oil consuming countries, assauged concerns over supply that sent crude prices off their 6-month high.The IEA on Tuesday said in a statement that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels." Meanwhile, VIX too eased by 4.56 per cent in today's session. The advance-decline ratio however stood at 1:1. BSE benchmark Sensex ended 490 points or 1.27 per cent higher at 39,055 with 23 stocks in the green. NSE's Nifty closed the day at 11,726, up 150 points or 1.30 per cent. Factors:Oil eases from 6-month highOil prices fell after a report allayed concerns about tightening supply, ending a rally that took prices to their highest since early November on concerns that OPEC output cuts and sanctions would take too much oil out of the market.The IEA said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels." Also weighing on prices, US crude stocks rose by 6.9 million barrels last week, more than expected, data from industry group the American Petroleum Institute showed on Tuesday. F&O expiryInvestors squared off position ahead of expiry of April futures and options contracts.Hopes of normal monsoonThe latest South Asian Climate Outlook Forum on Tuesday predicted a normal monsoon in most parts of India barring the west coast peninsular, including parts of the state and northern parts of central India.

from Economic Times http://bit.ly/2XBHRuA
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