Thursday, August 7, 2008

Updates from world of business…

Inflation at 13-year high of 12.01%

Inflation broke through the psychological 12 per cent level, the highest in over thirteen years, as prices of pulses, spices, eggs, fish and meat among other things continued to rise.

Today’s Market

It was a mixed picture across the globe. The Indian market closed flat masking intra-day volatility on account of profit booking at higher levels. Sensex closed at 15117, up 43 points and Nifty at 4523, up 6 points from the previous close. Top Nifty gainers included Sterlite, Dr Reddy and Tata Motors while losers included BHEL, Bharti Airtel and Reliance Communications.

Oil gyrates on demand concerns, pipeline fire

Oil prices fluctuated Thursday, erasing an earlier rally as growing concerns about falling U.S. demand for energy clashed with supply threats from a fire at a key Turkish pipeline.

Light, sweet crude for September delivery rose 21 cents to $118.79 a barrel in afternoon trading on the New York Mercantile Exchange, but prices were alternating between positive and negative territory. Crude sank more than $6 over the previous three days, bringing prices $30 lower than its July high above $147 a barrel.

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