The Nifty was trading with moderate losses amid volatility at 10:41 hours, dragged down by oil & gas, technology, Anil Dhirubhai Ambani Group (ADAG), power and realty companies' shares. Ranbaxy, SBI and ICICI Bank too were down. Rising oil prices could be weighed on the markets today; Brent crude was inching closer to USD 116 a barrel.
Crude prices may be buoyant till Libyan tensions continue, says Praveen Kumar of Facts Global Energy. Nymex crude was trading at USD 102.92 a barrel, up 1.83% and London Brent crude jumped 1.17% to USD 115.65 a barrel.
Casey Research sees lot of speculation in crude oil market. "Crude oil can hit USD 150-155/barrel if tensions escalate. Crude oil production is insignificant in Libya."
Praveen Kumar expects prices to cool down once MENA tensions subside. Facts Global said, "Saudi Arabia has already ramped up production, which was up from 8 million to 9.2 million barrels per day. This ramp up covers Libyan decline.
The 30-share BSE Sensex was trading at 17,820, down 58 points and the 50-share NSE Nifty fell 17 points to 5,356. The broader indices too were quite volatile.
However, steel, capital goods and select auto companies' shares were supporting the markets to cut down losses. HDFC, HDFC Bank and Sun Pharma were too on buyers' radar.
Among frontliners, Jindal Steel, HDFC, Sterlite Industries, Tata Motors, Tata Steel, Sun Pharma, Suzlon Energy, Cairn India and Dr Reddy's Labs gained 0.5-1%.
However, Hindalco, Reliance Communications, Tata Power, Infosys, Maruti Suzuki, Sesa Goa and Reliance Power slipped 1-3%.
Ranbaxy Labs tumbled 4.63% as Mylan sued US FDA for Lipitor and is seeking to block Ranbaxy's Lipitor copy. Lipitor was estimated to add USD 500-600 million to Ranbaxy's sales.
Casey Research sees lot of speculation in crude oil market. "Crude oil can hit USD 150-155/barrel if tensions escalate. Crude oil production is insignificant in Libya."
Praveen Kumar expects prices to cool down once MENA tensions subside. Facts Global said, "Saudi Arabia has already ramped up production, which was up from 8 million to 9.2 million barrels per day. This ramp up covers Libyan decline.
The 30-share BSE Sensex was trading at 17,820, down 58 points and the 50-share NSE Nifty fell 17 points to 5,356. The broader indices too were quite volatile.
However, steel, capital goods and select auto companies' shares were supporting the markets to cut down losses. HDFC, HDFC Bank and Sun Pharma were too on buyers' radar.
Among frontliners, Jindal Steel, HDFC, Sterlite Industries, Tata Motors, Tata Steel, Sun Pharma, Suzlon Energy, Cairn India and Dr Reddy's Labs gained 0.5-1%.
However, Hindalco, Reliance Communications, Tata Power, Infosys, Maruti Suzuki, Sesa Goa and Reliance Power slipped 1-3%.
Ranbaxy Labs tumbled 4.63% as Mylan sued US FDA for Lipitor and is seeking to block Ranbaxy's Lipitor copy. Lipitor was estimated to add USD 500-600 million to Ranbaxy's sales.
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