Oil may gain this week

Oil prices may gain this week as investors expect stronger Asian demand to pick up the slack from a slowdown in the developed market, according to the survey. US crude futures last week rose as high as USD 101.90 a barrel, taking the weekly gain to 0.5%, after leaders of the Group of Eight said the global economy is strengthening, and as the dollar dropped to a one-week low against the euro.
Also read: US oil dips on home sales data, OPEC

Nifty gains

Indian equity started the first trade of week on a positive note amid volatility, supported by heavyweights. Asian markets too were trading in the green.

DLF, ONGC, Sun Pharma, SBI, ICICI Bank, L&T, Reliance Industries, Sterlite Industries, SAIL, BPCL, Ranbaxy Labs and HCL Tech were leading the markets higher in early trade.

However, Cairn was down 3%. Tata Steel was flat. At 9:19 hours, the 50-share NSE Nifty was trading at 5,495, up 19 points and the 30-share BSE Sensex gained 69 points at 18,335. 

Jai Balaji, Havells India and Sunflag Iron anounced the Q4 results

Jai Balaji Industries has declared its fourth quarter results. The company's Q4 net profit was up at Rs 32 crore versus Rs 15.2 crore.

Sunflag Iron has announced its fourth quarter results. The company's Q4 net profit was down at Rs 17 crore versus Rs 32 crore.

Havells India has announced its fourth quarter results. The company's Q4 net profit was up at Rs 69 crore versus Rs 65.8 crore.

Asian stocks rise

Asian stocks posted solid gains for a second consecutive day on Friday as market players scooped up bargains while the euro pushed higher, though the currency's gains may be limited for now as fears of a Greek default weighed on sentiment.

Noting the chunky gains in Asian stocks, European stock index futures pointed to early gains while the S&P e-mini futures rose 0.1%, suggesting a higher start on Wall Street later in the day.

Sensex UP

The market witnessed smart moves and showing no sign of weakness. Strong buying emerges from bank, oil & gas, realty and metal stocks while auto stocks were trading in negative terrain.

At 12.36 hrs IST, the Sensex was up 180.21 points at 18224.85, and the Nifty up 56.95 points at 5469.30.