Sensex trims early gains, hovers around 24,000

Zee Media Bureau

The BSE benchmark Sensex trimmed its early gains but quoted above 24,000-level in late morning trade Thursday.

The 30-share Sensex last quoted 65.62 points or 0.27 percent higher at 24,127.66 after moving in range of 24,351.83- 24,123.19. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 23.70 points or 0.32 percent up at 7,333.

In Asia, the 225-issue Nikkei Stock Average jumped 265.92 points, or 1.62 percent, higher from Wednesday to 16,682.11.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 17.66 points, or 1.32 percent, at 1,356.63.

Oil rose in Asia today, giving a much-needed breather to the battered crude market, but traders remain on edge as the supply glut and weak demand that has sent prices to more than 12-year lows shows no sign of letting up.

The battered commodity has taken a hammering so far in 2016, with both main contracts already down about 25 percent.

On Wednesday US benchmark West Texas Intermediate fell below USD 27 a barrel for the first time since May 2003, days after Brent touched below USD 28.

But bargain-hunting provided some support Thursday. WTI for March delivery, a new contract, rose 34 cents, or 1.20 percent, to USD 28.69 a barrel by 0330 GMT, while Brent gained 38 cents, or 1.36 percent, to USD 28.26.

WTI`s February contract sank to as low as USD 26.19 on its last day of trading in New York on Wednesday before closing at USD 26.55, the lowest level since May 2003.