Energy Preview: Oil Spurts Nearly 3% On MCX

WTI Crude oil futures rose impressively yesterday, extending a rebound from around three week lows as supportive equities and good bargain buying lifted the sentiments. Global stocks edged higher after a speech by Chinese President Xi Jinping calmed investor jitters over an escalating US-China trade row. WTI Crude firmed up amid these cues, hitting near one week high before witnessing some profit selling. The counter currently trades at $ 65.20 per barrel, down half a percent on the day. MCX Crude oil futures ended at Rs 4250 per barrel, up nearly3% on the day.

Economic data was good. UK permanent staff placements increased sharply in March, while temporary billing growth eased to a 13-month low, the Report on Jobs published by IHS Markit and the Recruitment & Employment Confederation showed Tuesday. There was a sharp growth in permanent staff placements with the pace of growth rising fractionally since February. However, temp billings grew at the weakest pace over a year. Demand for staff grew at the softest pace for 15 months due to a weaker upturn in temporary staff positions.

In India, the domestic passenger vehicle sales were surged 6.38% to 3,00,722 units in March as against 2,82,698 units in the same month last year. Car sales were marginally up at 1,91,082 units last month as against 1,90,236 units in March last year, according to the data released by the Society of Indian Automobile Manufacturers (SIAM). Motorcycle sales last month jumped by 25% to 11,45,221 units compared to 9,15,259 units in March 2017. Total two-wheeler sales in March were higher by 18.35% to 17,41,649 units. Sales of commercial vehicles also spurt by 24.55% to 1,08,681 units in March. Vehicle sales across categories registered 18.23% jump to 22,23,517 units. For the fiscal ended March 31, domestic passenger vehicles sales were at 32,87,965 units as against 30,47,582 units in the previous year, up nearly 8%. Car sales for 2017-18 were at 21,73,950 units as against 21,03,847 units in 2016-17, recording a steady increase of 3.33%.