Nifty struggles below 8450; oil stocks & midcaps outperform


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The market is still under pressure as the Sensex is down 132.56 points or 0.5 percent at 27824.94, and the Nifty is down 32.40 points or 0.4 percent at 8426.55. About 1044 shares have advanced, 983 shares declined, and 150 shares are unchanged.

Oil & gas stocks are in green while midcaps are outperforming. Bharti Airtel, ONGC, M&M, Reliance and HDFC Bank are top gainers in the Sensex. Among the major losers in the Sensex are ITC, Vedanta, HUL, Coal India and Tata Steel.

Crude oil futures edged up, buoyed by healthy Asian appetite and demand from the US driving season. Front-month Brent crude prices had gained 2 cents to USD 65.39 per barrel by 0312 GMT. US crude prices were up 14 cents at USD 59.86 a barrel.

In China, crude imports hit a record 7.4 million barrels per day in April despite a slowing economy, driven largely by healthy car sales.
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