MARKETS: Indices gain on US-Iran truce, Sensex up 635 pts, Nifty at 12,215

Topics MARKET WRAP | Markets

After a gap-up opening, Indian equities Thursday logged steady gains as investors cheered temporary de-escalation of a heated rhetoric between the United States and Iran. 

In response to Iran's missile attack, US President Donald Trump said the strikes had not harmed any US troops stationed there and that damage was minimal. Trump, however, announced fresh sanctions on Tehran but stopped short of any further military escalation. This slight cool-off gave global markets some space for a relief rally.

Financials contributed the most towards the benchmark S&P BSE Sensex's gains, pushing the index to close 634.61 points, or 1.55 per cent, higher at 41,452.35 level. ICICI Bank, State Bank of India, IndusInd Bank, and M&M were the top performing stocks at the 30-share index, while TCS, HCL Tech, NTPC, and Sun Pharma were the top laggards.

On the NSE, the broader Nifty50 reclaimed the crucial 12,200-mark after three trading session and settled at 12,215.40, up 190.05  points or 1.58 per cent. All the sectoral indices ended the day in the positive territory, except Nifty IT index. Nifty PSB, Nifty Private Bank, Nifty Auto, Nifty Realty, and NIfty Media indices were all up about 2.5 per cent. On the downside, Nifty IT index settled with 0.5 per cent cut.

The broader markets, too, participated in the rally. The S&P BSE small-cap index hit a 6-month high on the back of strong rally in agri inputs, fertilizers, education, metals, textiles and real estate stocks. The index closed 1.49 per cent higher at 14,080.58 level. Meanwhile, the S&P BSE mid-cap index closed 1.51 per cent higher at 15,097.79 level. 

GLOBAL CUES

Asian stocks had their best session in weeks on Thursday, as the United States and Iran backed away from the brink of conflict in the Middle East and investors reversed their flight to safety.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.3 per cent, its sharpest gain in almost a month.

Hong Kong’s Hang Seng and Shanghai blue chips each added more than 1 per cent, while Japanese stocks rose further, gaining 2 per cent to their highest for the year so far.

In Europe, the pan-European STOXX 600 index rose 0.6 per cent to a record high of 420.98, while stocks in Germany, the bloc's biggest economy, gained 1.1 per cent.

In the commodities market, Brent Crude Futures were at $65.86 per barrel-mark, while WTI Crude was at $60 per barrel-mark by 3:00 pm.

(With inputs from Reuters)


4:02 PM IST After showing a promising upside bounce from the lows in the last session, the Nifty witnessed a hefty gains today and closed higher. A long bull candle was formed today with gap up opening and closed near the highs. The opening upside gap remains unfilled. Technically, this action indicates a strong comeback of bulls and this pattern seems to have nullified the negative status created by the panic selling of 6th Jan 2020.   The short term trend of Nifty is positive, there is a possibility of further upside in the next session. The Nifty could encounter the upside resistance of 12,290-300 levels in the next 1-2 sessions.

4:01 PM IST Diplomatic Handling of the Iran-US geopolitical situation by the US President calmed markets today. Back Home the keen interest shown by the Prime Minister in resolving the slowing economy cheered equity markets which witnessed buying in key pivotals and select midcaps

4:00 PM IST Weekly expiry happened on a stronger and bullish note. Bulls tighten grip over the market and major gains have seen in Banks and Auto Sector. Bullions have seen profit booking since morning whereas Crude gained more than half percent point. The rupee strengthened and covered lost ground in the last three trading sessions. Now tomorrow onwards Indian corporate will come with their performance for the third quarter. Bulls will overpower bears till the time it is holding above 12,150. It is advisable to hold long with a stop just below 12,150 levels.

3:41 PM IST

3:40 PM IST

3:39 PM IST >> Financials contributed the most towards the benchmark S&P BSE Sensex's gains, pushing the index to close 634.61 points, or 1.55 per cent, higher at 41,452.35 level. >> On the NSE, the broader Nifty50 reclaimed the crucial 12,200-mark after three trading session and settled at 12,215.40, up 190.05  points or 1.58 per cent. 

3:23 PM IST Company plans to improve the operational capacity of its existing plants from the existing 50 per cent level to 85 per cent by fiscal year 2022. The company also wants to augment its pulse processing capacity by annual leasing of third party operated pulse processing plants (3P mills) and has set a target of 40,000-60,000 MTPA in FY20. Eventually, the firm targets augmenting approximately 140,000 MTPA processing capacity through annual leasing of 3P mills by fiscal year 2022. READ MORE

3:14 PM IST "In India, where weakness in credit from non-bank financial companies is expected to linger, growth is projected to slow to five per cent in fiscal year 2019/20, which ends March 31, and recover to 5.8 per cent the following fiscal year," the World Bank said on Wednesday. READ MORE

3:03 PM IST -- CCI probing complaint of Maruti asking customers to buy pricier motor ins

3:00 PM IST European shares touched a record high Thursday, tracking broader gains in global equities, after the United States and Iran backed away from further military escalation in the Middle East. Also lending support was confirmation from China on the signing of a “phase 1” trade deal with the United States next week, leading to an easing in trade related concerns.   The pan-European STOXX 600 index rose 0.6 per cent to a record high of 420.98, while stocks in Germany, the bloc's biggest economy, gained 1.1 per cent. Asian stocks had their best session in weeks on Thursday, as the United States and Iran backed away from the brink of conflict in the Middle East and investors reversed their flight to safety. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.3 per cent, its sharpest gain in almost a month.   Hong Kong’s Hang Seng and Shanghai blue chips each added more than 1 per cent, while Japanese stocks rose further, gaining 2 per cent to their highest for the year so far.   Australian stocks rose 0.8 per cent to a record closing high.

2:55 PM IST >> Stock gained up to 4% >> 6.94 million shares have changed hands on the BSE.

2:45 PM IST

LIVE UPDATES

Market Closing Comment :: Nagaraj Shetti – Technical & Derivative Analyst, HDFC Sec

After showing a promising upside bounce from the lows in the last session, the Nifty witnessed a hefty gains today and closed higher. A long bull candle was formed today with gap up opening and closed near the highs. The opening upside gap remains unfilled. Technically, this action indicates a strong comeback of bulls and this pattern seems to have nullified the negative status created by the panic selling of 6th Jan 2020.
 
The short term trend of Nifty is positive, there is a possibility of further upside in the next session. The Nifty could encounter the upside resistance of 12,290-300 levels in the next 1-2 sessions.

Market Closing Comment :: S Ranganathan, Head of Research at LKP Securities

Diplomatic Handling of the Iran-US geopolitical situation by the US President calmed markets today. Back Home the keen interest shown by the Prime Minister in resolving the slowing economy cheered equity markets which witnessed buying in key pivotals and select midcaps

Market Closing Comment :: Vishal Wagh, Research Head, BONANZA PORTFOLIO

Weekly expiry happened on a stronger and bullish note. Bulls tighten grip over the market and major gains have seen in Banks and Auto Sector. Bullions have seen profit booking since morning whereas Crude gained more than half percent point. The rupee strengthened and covered lost ground in the last three trading sessions. Now tomorrow onwards Indian corporate will come with their performance for the third quarter. Bulls will overpower bears till the time it is holding above 12,150. It is advisable to hold long with a stop just below 12,150 levels.

Nifty snapshot at close


Sensex heatmap at close


Closing Bell

>> Financials contributed the most towards the benchmark S&P BSE Sensex's gains, pushing the index to close 634.61 points, or 1.55 per cent, higher at 41,452.35 level.

>> On the NSE, the broader Nifty50 reclaimed the crucial 12,200-mark after three trading session and settled at 12,215.40, up 190.05  points or 1.58 per cent. 

ETC India to invest $77 mn to ramp its nationwide capacity with IFC backing

Company plans to improve the operational capacity of its existing plants from the existing 50 per cent level to 85 per cent by fiscal year 2022. The company also wants to augment its pulse processing capacity by annual leasing of third party operated pulse processing plants (3P mills) and has set a target of 40,000-60,000 MTPA in FY20. Eventually, the firm targets augmenting approximately 140,000 MTPA processing capacity through annual leasing of 3P mills by fiscal year 2022. READ MORE

World Bank pegs India's FY20 GDP growth at 5% as credit weakness lingers

"In India, where weakness in credit from non-bank financial companies is expected to linger, growth is projected to slow to five per cent in fiscal year 2019/20, which ends March 31, and recover to 5.8 per cent the following fiscal year," the World Bank said on Wednesday. READ MORE

NEWS ALERT | CCI looking at anti competitive practice allegations against Maruti: CNBC TV18

-- CCI probing complaint of Maruti asking customers to buy pricier motor ins

Global Markets check

European shares touched a record high Thursday, tracking broader gains in global equities, after the United States and Iran backed away from further military escalation in the Middle East. Also lending support was confirmation from China on the signing of a “phase 1” trade deal with the United States next week, leading to an easing in trade related concerns.
 
The pan-European STOXX 600 index rose 0.6 per cent to a record high of 420.98, while stocks in Germany, the bloc's biggest economy, gained 1.1 per cent.

Asian stocks had their best session in weeks on Thursday, as the United States and Iran backed away from the brink of conflict in the Middle East and investors reversed their flight to safety.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.3 per cent, its sharpest gain in almost a month.
 
Hong Kong’s Hang Seng and Shanghai blue chips each added more than 1 per cent, while Japanese stocks rose further, gaining 2 per cent to their highest for the year so far.
 
Australian stocks rose 0.8 per cent to a record closing high.

NEWS ALERT | 1.07% equity exchanged of Avenue Supermarts

>> Stock gained up to 4%

>> 6.94 million shares have changed hands on the BSE.

Rupee Check


Coal India: No immediate pressure from new players but outlook remains weak

The government’s approval to the ordinance, which allows other players to mine coal for open-market sales, on Wednesday negatively impacted the stock of Coal India. Despite benchmark indices seeing a good recovery at the end of the day, Coal India’s share price was down 2.6 per cent on Wednesday. The BSE Sensex, after falling about a per cent (intraday), ended on a flat note. READ MORE

NEWS ALERT | Aster DM Board approves buyback of up to 57.1 lakh shares: CNBC TV18

>> Board approves buyback of up to 57.1 lakh shares (1.1% equity) at Rs 210/sh.

>> Total buyback size will be Rs 120 cr via tender offer


PM Modi meets economists, industry experts at Niti Aayog ahead of Budget

Ahead of the Union Budget for 2020-21, Prime Minister Narendra Modi on Thursday met economists and sector experts at the Niti Aayog to discuss the state of the economy and steps which can be taken to revive growth which is projected to drop to 5 per cent this fiscal. The high-profile meeting was attended by Home Minister Amit Shah, Road Transport and Highways Minister Nitin Gadkari, besides Niti Aayog Vice Chairman Rajiv Kumar, CEO Amitabh Kant and other senior officials of the think-tank.

Nifty sectoral indices at this hour


Small PMS players feel consolidation likely with higher minimum investment

Recently announced changes in regulation are increasingly weighing on smaller portfolio management service (PMS) providers.
 
Industry officials say a round of consolidation is likely among players in the segment. They currently number over 300; compared to less than 50 registered players in the mutual fund industry. READ MORE

Top five reasons why Sensex rallied over 600 points on Thursday

Indian equity markets opened gap-up on Thursday after US President Donald Trump said that Washington did not necessarily have to respond to Iranian attacks at American military basis in Iraq. Tempering days of angry rhetoric, Trump suggested Iran was "standing down" while Tehran offered no immediate signal it would retaliate further over a January 3 US strike that killed one of its senior military commander Qassem Soleimani. READ MORE

BSE Smallcap index hits 6-month high; Weizmann Forex zooms 107% in 7 days

Titagarh Wagons, Shakti Pumps, Aptech, BGR Energy, Jindal Saw, Tejas Networks, RSWM, Deepak Fertilisers & Petrochemicals, Anant Raj Industries, Mishra Dhatu Nigam (Midhani), Gujarat State Fertilisers & Chemicals, Puravankara and NIIT have rallied by up to 20 per cent on the BSE. READ MORE

STOCK WATCH:: YES Bank up 5% ahead of board meeting tomorrow for fund raising


MARKET UPDATE: Indices extend gains, Nifty nears 12,220


Market check | Sensex near day's high, up 600 pts


CMD role split: In relief for India Inc, Sebi may extend March 31 deadline

The Securities and Exchange Board of India (Sebi) is considering relaxing the March 31 deadline for listed companies to separate the positions of chairman and managing director (CMD). While the market regulator gave ample time to India Inc to adhere to the rule, not many corporate houses have complied with it. READ MORE

STOCK ALERT | 24.4 lakh shares of United Spirits trade in 2 blocks on NSE: CNBC TV18

>> 0.3% equity, worth Rs 139 cr, trade in 2 blocks on NSE at Rs 569.40-570.35/sh


Sector watch | Nifty Infra Index trades over 1% higher


Shriram Properties planning to launch IPO after Union Budget, this year

"While the company has an approval to raise around Rs 1250 crore through primary and secondary markets, considering the current situation, it would be looking at raising around Rs 750-800 crore," M Murali, chairman and managing director, Shriram Properties Ltd. said READ MORE

NEWS ALERT | Govt to form GoM for merger of 3 non-life insurance cos: sources to CNBC TV18

>> Insurance Cos may need Rs 12,500 cr as capital infusion; govt sanctioned Rs 2,500 cr in FY20

>> Govt has suggested merger of National, Oriental and United insurance

Index Contributors at this hour


Nifty Realty index hits 52-wk high; DLF, Sunteck, Oberoi Realty up over 2%

Shares of real estate companies advanced at the bourses on Thursday, gaining up to 6 per cent on the National Stock Exchange (NSE), after the State Bank of India (SBI) launched a Residential Builder Finance with Buyer Guarantee (RBBG) scheme to safeguard home buyers financially. READ MORE

Nifty Bank reclaims 32,000


Sector watch :: Telecom shares trade mixed


NEWS ALERT | SC rejects telco's open court hearing plea against AGR verdict: CNBC TV18

>> SC likely to hear review petition next week, before Jan 23 deadline

STOCK ALERT :: Jet Airways locked in 5% upper circuit band for 8th straight day

>> Locked at Rs 41.45 on the BSE.

>> The stock has surged 125% from its recent low of Rs 18.40 hit on December 11, 2019

>> The NCLT on Wednesday warned Jet Airways CoC of contempt proceedings if they do not release interim funds to the resolution professional by January 20 for completion of insolvency proceedings.

Here's how you can make money in the stock market using a cup and a handle

In technical analysis, there are various chart patterns, both bullish and bearish that one can use to analyse stock price movement over a period of time. Some of the bullish chart patterns are Head and Shoulder, Double Bottom, Cup and Handle, Flag pattern, Falling channel, Ascending triangle, among others. READ MORE

NEWS ALERT | BGR Energy Systems bags order worth Rs 224.28 cr on total turnkey contract basis: NSE filing

>> The Electrical Projects Division has secured an order from Tamil Nadu Transmission Corporation Limited (TANTRANSCO) for design, detailed engineering, fabrication, manufacture, supply ,erection, testing and commissioning of 400/230-110 kV AIS substation with associated to transformers, bus reactors, switchgear, accessories, control & relay panels, substation automation system, control room, and complete civil works in Tamil Nadu


NEWS ALERT | Govt likely to launch integrated steel hub for 5-6 states this week: CNBC TV18 via Agencies

>> West Bengal, Odisha, Jharkhand, Andhra, and Chhattisgarh likely to be part of the hub

>> Hub aimed at boosting steel sector's cost competitiveness & improving steel sector's logistics

STOCK ALERT:: Jet Airways locked in 5% upper circuit for eighth straight day at Rs 41.45 on the BSE

-- The stock has soared 125 per cent from its recent low of Rs 18.40, hit on December 11, 2019

Q3 Preview | Corporate earnings may worsen, but profits could get tax-cut boost

Corporate earnings during the October-December 2019 quarter (Q3FY20) are likely to give a contrasting picture. Analysts expect an improvement in net profit growth, thanks to the gains from the cut in corporate tax and a better showing by retail lenders, but the contraction in revenues is likely to get worse, indicating a further weakness in aggregate demand in the economy. READ MORE

Agri inputs, fertiliser stocks surge on hope of strong earnings in Q3

Shares of fertiliser and agri-related companies rallied on the BSE on Thursday amid expectations of strong earnings growth in the October-December quarter (Q3FY20). Rashtriya Chemicals & Fertilizers (RCF), Godrej Agrovet, Gujarat State Fertilizers & Chemicals (GSFC), Deepak Fertilizers & Petrochemicals Corporation, and Punjab Chemicals and Crop Protection, all rallied in the range of 6 per cent to 9 per cent on the BSE. READ MORE

MARKET UPDATE | Weizmann Forex (Rs 502), Weizmann (Rs 41.35) hit upper circuit of 10% each

  • Both these stocks have zoomed over 100% in past seven trading days

Broader market :: Small-caps outperform benchmarks; S&P BSE small-cap index up 1.47%


At 6.2%, India's CPI inflation may have breached RBI target in Dec: Poll

Rising vegetable prices probably pushed Indian retail inflation to its highest in more than five years in December, exceeding the Reserve Bank of India's medium-term target of 4 per cent for a third straight month, a Reuters poll of economists predicted. The median forecast in the Jan. 3-8 Reuters poll of nearly 50 economists predicted India's annual consumer inflation rose to 6.20 per cent in December from November's 5.54 per cent. READ MORE

MARKET UPDATE:: Sensex extends gains, up 500 pts now


Alembic Pharma rises 3% as JV firm successfully completes USFDA inspection

Shares of Alembic Pharmaceuticals climbed up to nearly 3 per cent on the BSE in the early trade Thursday, a day after the company said its joint venture firm Aleor Dermaceuticals has completed United States Food and Drug Administration (USFDA) inspection at its formulation manufacturing facility located at Karakhadi, Gujarat without any observations. The inspection was carried out from January 6 to January 8. READ MORE

Bharti Airtel rallies 3% as Co launches $2 billion QIP for AGR dues

Shares of Bharti Airtel were up 3 per cent to Rs 474 on the BSE on Thursday after the company launched its $2 billion (Rs 14,350 crore) equity issuance to institutional investors. It has fixed floor price of Rs 452.09 for qualified institutional placement (QIP) issue. The stock has rallied 6 per cent in the past two trading days on the QIP buzz. READ MORE

Sunteck Realty advances 6% on signing MoU with State Bank of India

Shares of Sunteck Realty surged 6.2 per cent to Rs 450.15 on the BSE on Thursday after the real estate developer entered into a memorandum of understanding (MoU) with State Bank of India (SBI) to safeguard home buyers financially under Residential Builder Finance with Buyer Guarantee programme. READ MORE

MARKET CHECK: Sensex holds gains


MARKET UPDATE:: Kakatiya Cement Sugar & Industries soars 17% to hit 52-week high of Rs 267 on the BSE

-- The stock has zoomed 59 per cent in the past three trading days

TCS slides 1% as Rupee strengthens


NEWS ALERT | First part of Budget session to be held between Jan 31 - Feb 11: ANI

>> Second part to be held between March 2 and April 3

Metal stocks gain on favourable global cues


GTPL Hathway trades higher ahead of Q3 results


Momentum picks by ICICI Securities


Aster DM Healthcare gains ahead of Board meeting

>> Board to consider share buyback today


Bharti Airtel gains 2%

>> The Co has begun marketing its $2-billion (Rs 14,350 crore) equity issuance to institutional investors on Wednesday to pay the AGR (adjusted gross revenues) dues to the central government within the January 23 deadline set by the Supreme Court


JSW Energy slips over 1.5%

>> The company said CARE Ratings has assigned the rating of 'CARE AA-/Credit Watch with Negative implications' for the company's Rs.300 crore non-convertible debenture (NCD) issue.


Adani Green hits 5% upper circuit

>> The company on Wednesday released provisional operational update of the for the Q3 and 9 months of the Financial Year 2019-20. Grid availability at 98 per cent for 9M FY20, and 97.9 per cent for Q3 FY20; Grid availability lower at Wardha Solar (40MW Nalwar & 10 MW Kallur), PSEPL (40 MW Karnataka) & PDPL (50MW Ghani).


JSW Steel surges 4%


SBI gains 2% in morning deals

>> State Bank of India will provide a guarantee of project completion to homebuyers with the objective of pushing up demand for residential units. The scheme also aims to complete housing projects that are stalled. SBI has signed an agreement with Sunteck Realty for three existing projects in Mumbai Metropolitan Region.


Jubilant Foodworks scales fresh peak


HPCL gains over 4%


Top gainers and losers on S&P BSE Sensex during Opening trade


Sectoral trends at NSE during Opening trade


Market at Open


Market at Open


Amazon-Future Retail deal: How the tie-up benefits both the firms

The stock of Future Retail (FRL) has been trending up over the last couple of trading sessions, gaining 5 per cent after it announced a partnership with Amazon, which will expand the offline and online presence of both entities. The company also announced that it will raise debt worth $500 million to fund the purchase of infrastructure assets from Future Enterprises (FEL). READ MORE

Top gainers and losers on S&P BSE Sensex during Pre-open


Market at Pre-open


Market at Pre-open


Rupee opening

Rupee opens higher at 71.43/$ vs Wednesday's close of 71.70 against the US dollar

MFs post 3x surge in equity flows in Dec, SIP contribution at all-time high

The mutual fund (MF) industry saw a sharp bounce in equity flows in December, with equity schemes garnering Rs 4,499 crore of flows or 3.4x last month’s tally. The contribution through systematic investment plans (SIPs) touched an all-time high of Rs 8,518 crore, continuing its steady growth month-on-month.
 
The jump in flows comes after a 78 per cent decline in November, the second-lowest tally seen in 39 months. READ MORE

Use volatility in markets to book profit in global funds, say advisors

In the last one-year period, international funds have delivered returns of 25.49 per cent, outperforming large-cap funds by a wide margin. The latter has delivered returns of 10.63 per cent, thanks to polarisation in markets that favoured large-cap stocks. READ HERE

NTPC's shopping spree may turn out to be a gift for its investors

Seen more as a play on dividend, investors may not be disappointed with NTPC’s flattish stock performance over the previous year. In fact, analysts remain bullish on the firm.

Majority of the analysts say the recent buys and capacity expansion plans will work to NTPC’s advantage. READ MORE

Stocks to watch: Bharti Airtel, GMR Infra, Adani Green, Alembic Pharma, SBI

Here's a look at the top stocks that may remain in focus today -
 
Bharti Airtel has begun marketing its $2-billion (Rs 14,350 crore) equity issuance to institutional investors on Wednesday to pay the AGR (adjusted gross revenues) dues to the central government within the January 23 deadline set by the Supreme Court
 
Alembic Pharma: Drug firm Alembic Pharmaceuticals on Wednesday said its joint venture firm Aleor Dermaceuticals has successfully completed the inspection of Karakhadi facility in Gujarat by the US health regulator. Aleor Dermaceuticals is a 60:40 Joint Venture (JV) between Alembic Pharmaceuticals and Orbicular Pharmaceutical Technologies, the company said in a BSE filing. READ MORE

Owing to weak demand, near-term pressures to remain for Mahindra CIE

Auto component maker Mahindra CIE was the worst-performing stock among the larger auto component companies in calendar year 2019 (CY19). The stock, which shed 34 per cent in CY19, has been underperforming its peers on the back of weak demand from automakers in its key markets of India and the European Union (EU), internal restructuring, and integration of acquired entities. READ MORE

Large-caps expensive compared to long-term averages, says Mihir Vora

While liquidity has been countering the slowdown so far, growth needs to catch up, says Mihir Vora, director & chief investment officer, Max Life Insurance. In an interview with Business Standard, he says relative valuations of mid-caps versus large-caps are looking comfortable even though earnings growth remains evasive. READ INTERVIEW HERE
Mihir Vora, Max Life

Top trading ideas by Prabhudas Lilladher: Buy Bajaj Auto, IGL

BUY IGL | CMP: Rs 417.85 | TARGET: Rs 450 | STOP LOSS: Rs 400
 
The stock has taken support near 410 levels and made a higher bottom pattern on the daily charts that imply strength and potential to rise further in the coming days. The RSI has indicated a trend reversal from the oversold zone and signaled a buy coupled with good volume participation witnessed. We suggest to buy and accumulate the stock for an upside target of Rs 450 keeping the stop loss near 400 levels. READ MORE

Bulk deals on BSE as on Wednesday

Bulk deals on NSE as on Wednesday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil check

Oil prices rose on Thursday, recouping some of the heavy losses from the previous session as the market rebalanced after Washington and Tehran looked to defuse a potential Middle East crisis.

Prices had soared in response to the killing of an Iranian general in an American air strike last week and Iran’s retaliatory attack on US forces in Iraq on Wednesday, before diving more than 4 per cent when two countries quickly ratcheted back tensions, hitting a three-week low.
 
Brent crude futures rose 55 cents, or 0.8 per cent, to $65.99 a barrel by 0109 GMT after tumbling 4.1 per cent on Wednesday. They are now a little down on prices before the killing of Iranian military commander Qassem Soleimani that sparked the crisis.
 
US oil added 61 cents, or 1 per cent, to $60.22 after falling nearly 5 per cent in the previous session.

SGX Nifty

At 8:17 am, the Singaporean Exchange for Nifty Futures was at 12,198 level, up 130 points, or 1.08 per cent.

Asian Markets check

Source: Reuters


US Markets check

Source: Reuters


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