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The benchmark indices snapped out of their five-session losing streak, to settle nearly 1 per cent higher on Tuesday led by a rise in the financial stocks. The S&P BSE Sensex ended at 36,652, up 347 points while the broader Nifty50 index settled at 11,067, up 100 points. Among sectoral indices, the Nifty Bank index settled 1.4 per cent higher led by a rise in the shares of SBI and Axis Bank. Among individual stocks, shares of DHFL plunged 22 per cent to settle at Rs 306.30 apiece on BSE. Indiabulls Housing Finance fell nearly 6 per cent to Rs 925.60.
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• OYO raises $1 bn from investors led by Softbank; firm now valued at $5 bn.
• Usha Martin deal expected to be positive for Tata Steel’s earnings growth.
• BNP Paribas Cardiff may trim stake in SBI Life; stock hits the new low.
• HCL Technologies hits record high; stock up 24% in three months.
Brent crude crosses $80 as OPEC rejects Trump’s call for oil output boost :
Brent crude climbed above $80 a barrel after OPEC and its allies signalled less urgency to boost output, despite U.S. pressure to temper prices. Futures in London rose as much as 2.7 per cent to its highest level since November 2014. OPEC and its partners gave a chilly response to President Donald Trump’s demand that rapid action is taken to reduce prices, saying they would boost output only if customers seek more cargoes. Brent could rise to $100 for the first time since 2014 as the market braces for the loss of Iranian supplies due to U.S. sanctions, according to Mercuria Energy Group Ltd. and Trafigura Group.
“OPEC did not guarantee that they would automatically replace lost Iranian barrels of oil due to sanctions,” said Bob Yawger, director of the futures division at Mizuho Securities USA. “Now you have the corresponding disappointment in the market, oil’s rally as a result and a four-year high in Brent.”
Oil has climbed since early August as speculation swirls over whether the Organization of Petroleum Exporting Countries and its allies will boost production, with sanctions on the Middle East nation’s exports set to take effect in November.
Bank of America Merrill Lynch joined JPMorgan Chase & Co. in anticipating higher prices down the line — the former expects crude to reach $95 a barrel in the first half of next year.