Sensex slips into red; Nifty below 8800; Sun Pharma weak

10:08 am Market check: The market slips into red. The Sensex is down 62.75 points or  at 28867.60 and the Nifty is down 23.10 points  at 8752.90. About 1035 shares have advanced, 837 shares declined, and 158 shares are unchanged.

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The market is still holding up some portion of early gains. The Sensex is up 97.64 points at 29028.05, and the Nifty is up 24.55 points at 8800.55. About 1126 shares have advanced, 699 shares declined, and 141 shares are unchanged.

HDFC, ICICI Bank, Cipla, Sesa Sterlite and Tata Power are top gainers in the Sensex. Among the losers are Sun Pharma, Hindalco, Maruti, Hero and GAIL are laggards.

Oil prices climbed in Asia as news of a deal to end a strike at US refineries helped reverse losses that had been fuelled by another leap in US inventories. US benchmark West Texas Intermediate (WTI) rose 12 cents to USD 47.17 and Brent climbed 31 cents to USD 57.39 in late-morning trade. WTI sank USD 1.12 in New York and Brent tumbled 46 cents in London yesterday after a government report showed surging US stockpiles, adding to a global oversupply.

The US Department of Energy on Wednesday said inventories hit a fresh record high of 448.9 million barrels last week, while stockpiles at the Cushing terminal hub in Oklahoma --the price settlement point for WTI, also increased. More information please visit this site www.sharemarket259.blogspot.in