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Sunday, May 08, 2011

Battered commodities help market snap record losing streak

The key benchmark indices snapped last nine days losing streak as a sharp fall in crude oil prices eased macroeconomic worries. Interest rate sensitive banking and realty stocks rose as fall in crude oil prices eased inflationary concerns and expectations of further hike in interest rates to tame inflation. Auto stocks gained as sharp fall in crude oil prices eased concerns of hike in fuel prices. Index heavyweight Reliance Industries extended initial gains. PSU OMCs and airlines stocks surged on fall in crude oil prices. The market breadth was positive. The BSE 30-share Sensex was up 308.23 points or 1.69%.