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Market Update : 
India Pauses, Rupee Trades Higher
Author: Elena Todorova
123jump.com
Last Update: 11:05 AM EST December 28 2006

(Continued)

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The market opened firm but succumbed to high volatility in the afternoon trading. Auto, metal and oil and gas stocks gained with Hero Honda, HDFC Bank and ITC leading the way. Telecoms were in focus over bid speculation for Hutch Essar. Banks kept their winning streak on hopes of improving profitability after several lending rates hikes. The market fall at the end of the trade was mainly on expiry of year-end derivatives. Cipla, SBI, Dr Reddy led the decliners.

 
Oil and gold

Crude oil for February delivery advanced 16 cents to $60.50 a barrel in after-hours electronic trading on the New York Mercantile Exchange in early trade in London. Brent crude for February settlement traded at $60.70 a barrel, up 18 cents, on the London-based ICE Futures exchange.

Gold opened Thursday at a bid price of $628.02 a troy ounce, up from $627.00 late Wednesday.

Currencies

The euro was slightly higher against the U.S. dollar on Thursday in thin holiday-season trading. The euro bought $1.3132 in morning European trading, compared with $1.3123 in New York late Wednesday. The British pound advanced to $1.9575 from $1.9564. The dollar bought 118.77 Japanese yen, up marginally from 118.74 yen on Wednesday.
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