KEY HIGHLIGHTS
Closing Bell: A Subdued Session
Indian equity markets ended little changed ahead of the weekly options expiry on Thursday. The flat close however, brought an end to the four-day winning streak for the S&P BSE Sensex and a six-day winning streak for the NSE Nifty 50.
The Sensex ended 0.1% lower at 38,369 while the Nifty ended 0.12% lower at 11,308. This was the sixth straight day of sub-1% moves for the Indian markets.
Among the sectoral indices, PSU Banks, Media and Auto stocks were the top performers in today's session. The PSU Bank index ended of the day's high but with gains of 2.6% while the media and auto index gained 2.5% and 2% respectively.
Nifty Pharma was the top sectoral laggard in today's session, ending 1.6% lower, down for the second straight day.
Broader markets outperformed in today's session. The midcap index ended 0.1% higher while the smallcap index ended with gains of 0.5%.
The India Volatility index ended lower for the seventh straight day - the longest in three months, down 2.2% to 20.89.
Market breadth ended in favour of the advances. 1,002 stocks on the NSE ended with gains while 847 ended with declines.
How Did The Sectoral Indices Fare
Earnings Reaction: Cholamandalam Financial Q1FY21
- Interest income down to Rs 0.53 crore from Rs 2 crore
- Net loss of Rs 3.36 crore from net profit of Rs 2.56 crore
- Loss due to interest cost recognised on borrowing made for equity investment in a subsidiary company
- All numbers are standalone and compared on a year-on-year basis
Shares are locked in an upper circuit of 10% - the most in two months at Rs 371.3, post the announcement. The stock trades at a five-month high.
Top Reads On BloombergQuint.com
Buzzing Stock: IDFC
- Top performer on the Nifty 500 index
- Gains as much as 18.1% to Rs 26.8
- Biggest single-day gain since May 2009
- Trades at the highest level in five months
- Up for the seventh straight day
- Longest winning streak since December 2019
- Has gained 40% in the last seven trading sessions
- Today's volumes are more than six times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 84
- Breaks above 200-Day Moving Average of 25.7
- Has doubled from its 52-week low of Rs 13.2 on March 24, 2020
Second Day Of Losses For The Pharma Index
Earnings Reaction: Natco Pharma Q1FY21
- Revenue up 14% to Rs 563.4 crore
- Net profit down 14% to Rs 123 crore
- Ebitda down 11% to Rs 171.1 crore
- Ebitda margin at 30.4% from 38.9%
- Revenue growth driven by exports formulations
- Faced margin pressure on both domestic and international formulations
- Expect 25% earnings growth for FY21 compared to last year
- Interim dividend of Rs 1.25 per share
- All numbers are consolidated and compared on a year-on-year basis
Shares snapped a three-day gaining streak, ending 1.9% lower at Rs 848.8. The stock earlier fell as much as 6% post the earnings announcement.
Earnings Reaction: Aavas Financiers Q1FY21
- Revenue up 26% to Rs 228.6 crore
- Net profit up 11% to Rs 50.1 crore
- Disbursements down 68% to Rs 213 crore
- Assets Under Management at Rs 7,935 crore
- Gross NPA at 0.46% from 0.58%
- Net Interest Margins at 6.15% from 8.1%
- Active loan accounts up 27% to 1,07,320
- Exposure under moratorium at 17.8% in June as compared to 24% in April
- Additional provisions worth Rs 4.6 crore this quarter for Covid-19
- Total provisions for Covid-19 at Rs 9.05 crore
Shares are off the day's high, after gaining as much as 4.2% to Rs 1,453.9, post the announcement.
Markets At 2:20 P.M.
- Benchmark indices pare losses to trade little changed
- Nifty down 0.1% at 11,308
- Sensex unchanged at 38,372
- Nifty Bank up 0.3% to 22,286
- Nifty Midcap index up 0.1%
- Nifty Smallcap index u 0.4%
- India Volatility index down 1.8% to 20.96
- Nifty PSU Bank off the day's high but is the top sectoral gainer; up 3%
- Nifty Auto extends gains; up 1.8%
- Nifty Media is the other major sectoral gainer; up 2.5%
- Nifty Pharma remains the top sectoral laggard; down 1.8%
- HCL Technologies is the top Nifty gainer; up 4.2%
- Hindalco remains the top Nifty laggard; down 2.8%
- 951 stocks on the NSE trade with gains while 852 decline
Money Market Update
The currency ended flat but with modest losses in today's trading session, snapping a two-day gaining streak.
The rupee ended at 74.82 against the U.S. Dollar as compared to Tuesday's close of 74.77. The currency recovered from its intra-day los of 74.93, before ending little changed.
Today's performance made rupee the third worst performing currency in Asia, behind the Japanese Yen and the Indonesian Rupiah.
Yield on the 10-year government bond ended at 5.85% as compared to Tuesday's close of 5.865%.
Earnings Reaction: Bharat Forge Q1FY21
- Revenue down 68.3% to Rs 427 crore
- Net loss of Rs 56.3 crore from net profit of Rs 174.1 crore
- Ebitda loss of Rs 2.8 crore from Ebitda gain of Rs 349.6 crore
- Back-to-back quarters of net loss
- All numbers are standalone and compared on a year-on-year basis
Management Commentary:
- Ran only at 20% capacity utilisation during the quarter
- Witnessing marginal improvement in demand across both domestic and export markets
- Expect domestic revenues to be flat year-on-year in Q2FY21
- Exports are likely to be lower than the levels seen in the base quarter.
- Sustainability in the recovery in underlying demand is a key factor to track going ahead
Shares ended the day up 5.1% at Rs 434.8. The stock has gained in seven out of the last eight trading sessions.
Earnings Reaction: Metropolis Healthcare Q1FY21
- Revenue down 29.6% to Rs 143.1 crore
- Net profit down 89.2% to Rs 2.9 crore
- Ebitda down 78% to Rs 12.1 crore
- Ebitda margin at 8.46% from 27.1%
- Managed to reduce fixed costs by 9%, semi-variable costs by 12% and variable costs by 21%
- Goal for Q2 is to scale-up non-Covid tests and subsequent revenues
- Near-normal Ebitda margins of 25.2% for the month of June 2020
Shares are trading near the day's high, up 4.1% to Rs 1,670.
PVR Plans Going Ahead
India's largest movie exhibitor PVR plans to use the Rs 300 crore raised from its recent rights issue to repay debt, and working capital requirements, CFO Nitin Sood told Bloomberg News.
The company's CFO said that liquidity position of the company is in a good position till March 31, post the fund raise.
PVR along with other movie chains are awaiting government permissions to resume operations. Sood said that the company expects the government to allow cinema halls to open 'soon.'
The company has plans to spend at least Rs 6 crore on health and safety measures once cinema halls reopen. It has also delayed most of its capex plans for the year.
Shares snapped a four-day losing streak, ending 6.5% higher at Rs 1,195.
Buzzing Stock: Interglobe Aviation
- Biggest single-day gain since November 2015
- Gains as much as 11% to Rs 1,043
- Trades at the highest level in two months
- 41 lakh shares of the company exchanged hands in a single large trade
- Today's volumes are nearly 10 times higher than its 20-day average
- Breaks above 50 and 100-Day Moving Average at 1001 and 983 respectively
- Has gained 36% from its 52-week low of Rs 765 on March 24, 2020
- 14 out of the 21 analysts tracking the stock have a buy recommendation; 2 sell calls
- Return potential of the stock as per Bloomberg data is 12.7%
Third Day Of Gains For The Media Index
European Stocks Open Flat
Benchmark indices in Europe have opened flat after three straight days of gains, underperforming its peers in Asia and the U.S.
The Stoxx 600 has opened unchanged with banks, telecom and insurance stocks trading with gains. Real estate stocks and miners are the top laggards.
Asian markets have ended mixed while futures on the Dow Jones are trading with gains of 225 points.
Brent crude trades 1.1% higher at $45 per barrel while gold is up 0.4% at $1,920/Oz after a volatile session.
Let's take a look at how markets in Europe have opened:
- Euro Stoxx 50 down 0.1% at 3,329
- DAX down 0.2% at 12,925
- CAC down 0.1% at 5,023
- FTSE 100 up 0.3% at 6,171
- IBEX 35 unchanged at 7,262
How Are The Sectoral Indices Faring
Earnings Reaction: KRBL Q1FY21
- Revenue down 37.3% to Rs 764 crore
- Net profit down 7.6% to Rs 125.7 crore
- Ebitda down 23% to Rs 183.2 crore
- Ebitda margin at 24% from 19.5%
- Agri segment revenue down 38% to Rs 736 crore
- Energy segment revenue down 20% to Rs 47.2 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares recovered from the day's low, after falling as much as 7% to Rs 287.4. The stock is down for the second straight day.
Buzzing Stock: Lemon Tree Hotels
- Second best performer on the Nifty Smallcap index
- Gains as much as 9.3% to Rs 29.2
- Trades at the highest level in two months
- Up for the third straight day
- Has gained 21% in the last three trading sessions
- Today's volumes are over 11 times higher than its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 75
- Breaks out and holds above its 50-Day Moving Average of 24.8
- Has doubled from its 52-week low of Rs 14 on May 21, 2020
- 6 out of the 10 analysts tracking the stock have a buy recommendation; 1 sell call
- Return potential of the stock as per Bloomberg data is 4.1%
F&O Snapshot: Active Options Contracts
- Nifty August futures add 7.2% and 7.4 lakh shares in Open Interest.
- Nifty Bank August futures add 15% and 2.24 lakh shares in Open Interest.
Nifty: August 13 Expiry
- 11,300 Call: Premium down 35% to Rs 55. The contract has added 15.5 lakh shares in Open Interest.
- 11,200 Put: Premium down 9.6% to Rs 21.2. The contract has added 14.4 lakh shares in Open Interest.
- 11,400 Call: Premium down 47% to Rs 18.4. The contract has added 9.7 lakh shares in Open Interest.
Nifty Bank: August 13 Expiry
- 22,000 Put: Premium down 14.6% to Rs 92.75. The contract has added 6.45 lakh shares in Open Interest.
- 22,500 Call: Premium down 35.4% to Rs 81. The contract has added 4.1 lakh shares in Open Interest.
- 22,200 Call: Premium down 22% to Rs 207. The contract has added 3.5 lakh shares in Open Interest.
Markets At Noon
- Benchmark indices pare losses; off day's low
- Nifty down 0.2% at 11,297
- Sensex down 0.2% at 38,337
- Nifty Bank unchanged at 22,216
- Nifty Midcap index up 0.2%
- Nifty Smallcap index up 0.2%
- India Volatility index down 0.8% to 21.18
- Nifty PSU Bank remains the top sectoral gainer; up 3.3%
- Nifty Media extends gains; up 2.7%
- Nifty Auto is the other sectoral gainer; up 1.1%
- Nifty Pharma is the top sectoral laggard; down 1.6%
- State Bank of India is the top Nifty gainer; up 4.1%
- Hindalco remains the top Nifty laggard; down 3%
- 903 stocks on the NSE trade with gains while 852 decline
Stock Reaction: Eicher Motors
The shareholders of the Royal Enfield maker approved a split of the company's equity share. One equity share of face of Rs 10 will be split into 10 equity shares of Re 1 each, according to an exchange filing.
The split is being done to facilitate a larger shareholder base and aid liquidity, according to the company.
The expected time of completion of the split is 2-3 months from the date of approval.
The total number of issued, subscribed and paid-up share capital of the company will rise to 27.3 crore from 2.73 crore post the stock split.
Shares gained as much as 2.1% to Rs 21,899 and are up for the second straight day. The stock is among the top performers on the Nifty 50 index.
Earnings Reaction: Shriram City Union Finance Q1FY21
- Net Interest Income down 8.4% to Rs 874.2 crore
- Net profit down 24.1% to Rs 192.3 crore
- Covid-19 related provisions at Rs 180 crore this quarter
- Collection efficiency at the end of June at 71%
- Impairments in the quarter at Rs 310 crore
- Moratorium 2.0 led to slowing down of securitisation of deals. Raised Rs 1,058 crore of fresh resources during the quarter
- Overall AUMs down 6.3% year-on-year to Rs 28,446 crore
- Total disbursements down 79% year-on-year to Rs 1,326 crore
- Stage 3 gross assets at 8.89% from 7.9% last quarter
- Stage 3 net assets at 5.23% from 4.23% last quarter
- Customers under moratorium down to 41% in June from 50% in April
Shares gained as much as 5% - the most in two months to Rs 695.
Stock Reaction: OMDC
The company informed the exchanges that the Supreme Court has passed an order for the company to resume mining operations in the state, subject to necessary clearances.
The Apex court has also allowed the sale of the company's undisposed stock in order after following due process.
The court directed the Odisha government to conduct a joint verification of the undisposed stock so that the company can proceed with the sale.
Shares gained as much as 20% - the most on record to Rs 2,691. The stock is trading at the highest level since August 2015.
PSU Bank Index Is The Top Sectoral Gainer
Stock Reaction: NMDC
The company has set lump ore and fines prices for the month of August.
It has set Lump Ore prices at Rs 2,950 per tonne while it has set fines prices at Rs 2,660.
Shares are currently trading unchanged at Rs 93.30 and are up for the eighth straight day.
Stock Reaction: INOX Leisure
The exhibitor informed the exchanges on Tuesday that Inox Benefit Trust has sold 43.5 lakh shares or 4.23% stake in the company at Rs 233 per share.
Buyers of those shares included the Abu Dhabi Investment Authority which acquired 11.25 lakh shares or 1.09% stake and Skale Master Fund acquired 8.55 lakh shares or 0.83% stake.
HDFC Mutual Fund was also among the buyers. The fund house acquired 2.25% stake or 23.14 lakh shares of the company at Rs 233 per share, according to the exchange filing.
Inox Benefit Trust is not part of the promoter or promoter group, the company said.
Shares are trading at the day's high, gaining as much as 8.3% to Rs 255.1.
Earnings Reaction: Rashtriya Chemicals & Fertilisers Q1FY21
- Revenue down 32.7% to Rs 1,621.1 crore
- Net profit more than doubles to Rs 19.2 crore
- Ebitda up 22.7% to Rs 98 crore
- Ebitda margin at 6% from 3.3%
- Fertiliser segment revenue down 20% to Rs 1,428 crore
- Industrial Chemicals segment down 29% to Rs 138 crore
- Trading segment revenue down 87% to Rs 53 crore
- Power & fuel costs down 36% to Rs 442 crore
- Freight & handling charges down 40% to Rs 120 crore
- Lower power, freight and raw material costs aid margin expansion
Shares fell as much as 8.5% - the most in five months to Rs 48.25. The stock is declining after a seven-day gaining streak.
Buzzing Stock: State Bank of India
- Top gainer on the Nifty 50 index
- Trades at the day's high, gaining as much as 4.43% to Rs 203.7
- Biggest single-day gain in two months
- Trades at the highest level in five months
- Up for the third straight day
- Today's volumes are nearly five times higher than its 20-day average
- Remains above its 100-Day Moving Average at 182.8
- Has gained 35% from its 52-week low of Rs 149.4 on May 22, 2020
- 10 lakh shares of the state-run lender exchanged hands in a single large trade in today's trading session, as per Bloomberg data. Buyers and sellers remain unknown.
- 47 out of the 53 analysts tracking the stock have a buy recommendation; 2 sell calls
- Return potential of the stock as per Bloomberg data is 29%
Stock Reaction: JMC Projects
The civil engineering and EPC company has informed the exchanges that is has secured new orders worth Rs 1,363 crore.
It has won building projects in South India worth Rs 1,169 crore and a water supply project in Bihar worth Rs 194 crore, it said in an exchange filing.
The company's order book currently stands at over Rs 11,400 crore.
We are witnessing continuous improvements in operations and expect execution to normalise at pre-Covid levels by end of Q2FY21.SK Tripathi, CEO & Deputy MD, JMC Projects
The company also said that it is confident to deliver positive and profitable growth for FY21.
Shares gained as much as 13.6% - the most since May 2019 to Rs 55. The stock is up for the third straight day and trades at the highest level in over a month.
Earnings Reaction: Prataap Snacks Q1FY21
- Revenue down 40.8% to Rs 196 crore
- Net loss of Rs 6 crore from net profit of Rs 9.7 crore
- Ebitda down 68.9% to Rs 8.5 crore
- Ebitda margin at 4.3% from 8.2%
- All numbers are consolidated and compared on a year-on-year basis
Management Commentary:
- Operations in all geographies impacted due to the lockdown
- Indore plant took longer to commence operations as it was a containment zone.
- Indore plant comprises over 50% of total capcity
- Production has largely stabilised towards the end of the quarter
- Variable costs especially input costs like palm oil have remained stubbornly high
- Working on additional measures to enhance efficiencies.
Shares fell as much as 5.7% - the biggest single-day fall in five months to Rs 560.15.
Markets At 10:10 A.M.
- Benchmark indices trade with losses
- Nifty down 0.5% at 11,265
- Sensex down 0.5% at 38,213
- Nifty Bank down 0.4% at 22,134
- Nifty Midcap index up 0.1%
- Nifty Smallcap index unchanged
- India Volatility Index up 2% to 21.76
- Nifty Pharma, Nifty Metal decline over 1% each
- Nifty PSU Bank is the top sectoral gainer; up 3.6%
- Nifty Media and Nifty Auto are the other sectoral gainers; each up 0.7%
- Adani Ports is the top Nifty gainer; up 3.6%
- Hindalco is the top Nifty laggard; down 3%
- 819 stocks on the NSE trade with gains while 868 decline
Money Market Update
The currency opened unchanged after ending with gains for the second straight day on Tuesday.
The rupee opened at 74.77 against the U.S. Dollar - the same level at which it ended on Tuesday. It was the fourth best performer in Asia on Tuesday.
Economists at Kotak Mahindra Bank believe that economic activity can remain subdued over the short-term after Industrial Production data for June was negative for the fourth straight month.
Within the bond markets, traders will take cues from the sale of treasury bills worth Rs 35,000 crore.
Also awaited later today is the CPI data for the month of July. A Bloomberg survey expects retail inflation to rise 6.27% as compared to 6.09% in June.
Coronavirus India Updates
- New cases rise again after dropping by 10,000 on Tuesday
- 60,963 new cases reported in the last 24 hours
- Total confirmed cases now at 23,29,638
- Active cases at 6,43,948
- Patients cured / discharged / migrated at 16,39,599
- Death toll rises to 46,091
- 834 deaths reported in the last 24 hours
- 56,110 patients recovered over the last 24 hours
Earnings Reaction: Adani Ports & SEZ Q1FY21
- Revenue down 18% to Rs 2,292.7 crore
- Net profit down 26% to Rs 758 crore
- Ebitda down 28% to Rs 1,328.6 crore
- Ebitda margin at 57.9% from 65.9%
- Higher other expenses and employee costs impact margins
- Cargo Throughput at 41.4 MMT from 56.75 MMT
The company's board has approved raising Rs 3,000 crore through NCDs. The company expects the Krishnapatnam port acquisition to be completed by Q2FY21.
With regards to the deal with Snowman Logistics, the company said that both parties mutually agreed to not pursue the deal further.
Shares gained as much as 3.4% to Rs 346.4, up for the fourth straight day. The stock is the top performer on the Nifty 50 index.
Stock Reaction: MPS
The company has approved a buyback of 56.6 lakh equity shares, representing 3.04% of the total paid-up equity share capital of the company.
The buyback price of Rs 600 per share is a 51.1% premium to Tuesday's closing price. The buyback will be for a total of Rs 34 crore, which amounts to 9.95% and 9.5% of the fully paid-up equity share capital and free reserves.
Promoters of the company will participate in the buyback, as per the company's exchange filing.
Shares of the company with a market capitalisation of Rs 771.8 crore are locked in an upper circuit of 5% at Rs 414.6. The stock is trading at the highest level in over six months.
Contributors To Nifty's Losses
Opening Bell: Markets Open Lower
Indian equity markets opened marginally lower, contrary to the trends seen on the SGX Nifty. The S&P BSE Sensex opened 0.22% lower at 38,321 while the NSE Nifty 50 index opened below the 11,300 mark, down 0.3% at 11,289.
While the Sensex has gained for four straight sessions, the Nifty saw its sixth straight day of gains on Tuesday.
Among sectoral indices, the Metal index has opened 0.8% lower while most others trade with a negative bias. The PSU Bank index has opened 1.1% higher.
Broader markets too have opened flat but with modest losses in today's trade.
Market breadth has opened in favour of the laggards. 787 stocks on the NSE opened with losses while 679 were advancing at the start of trade.
Latest On The Coronavirus
- Global cases cross the 20.1 million mark
- Death toll rises to 7.38 lakh
- Auckland back in lockdown after four new cases reported post a gap of 102 days
- Australia's Victoria reports 410 new cases and 21 deaths
- Moderna reached a deal with the U.S. to manufacture and distribute 100 million doses of its experimental vaccine for Covid-19
- 8,913 new cases reported in Texas, taking the total past 5 lakh
- Overall cases in the U.S. rise 0.9%
- 12,500 confirmed new infections in California, the second biggest one-day rise
How Have The Fund Flows Fared On Tuesday
Key Stocks In Focus
- Adani Ports & SEZ: Board approves raising Rs 3,000 crore through NCDs. Gets approval from the Competition Commission of India for the acquisition of Krishnapatnam Port. Deal likely to be completed in Q2FY21. With regards to the deal with Snowman Logistics, the company said that both parties mutually agreed to not pursue the deal further. A settlement agreement has been signed. Adani Logistics will continue to be a minority shareholder in Snowman Logistics.
- Eicher Motors: Shareholders approve splitting one equity share of Rs 10 each into ten equity shares of Re 1 each. The expected time of the split is 2-3 months from August 11. Issued, subscribed and paid-up share capital of the company will rise to 27.3 crore shares from 2.73 crore shares.
- HDFC: Completes capital raise through its QUIP and issue of NCDs, aggregating to Rs 13,693 crore. It will receive an additional Rs 3,690 crore through securities premium it all warrants are exercised by the investors. Accordingly, maximum equity dilution would be up to 4.26% of enhanced equity share capital.
- Orissa Mineral Development: Supreme Court has passed orders for the company to resume mining operations subject to necessary clearances and allowed the sale of undisposed stock following due procedure.
- MT Educare: Promoter Mahesh Shetty has offered to sell up to 17.83 lakh shares (2.47% equity) at a floor price of Rs 13.5 per share. The Offer For Sale for non-retail investors, shall open on August 12 and for retail investors on August 13.
- MPS: Board approves share buyback of up to 5.67 lakh shares or 3.04% of total equity. The buyback price of Rs 600 per share is a 51% premium to Tuesday's closing price. The record date for the Rs 34 crore buyback is set at August 24.
- JMC Projects: Received EPC orders worth Rs 1,363 crore.
- Sequent Scientific: CA Harbor Investments makes an open offer to acquire 6.45 crore shares or 26% of the expanded voting share capital of the company from public shareholders. The open offer will run from August 25 - September 7.
- Non-Nifty Earnings Today: Aarti Industries, Aavas Financiers, Ashok Leyland, Aster DM Healthcare, Aurobindo Pharma, Bharat Forge, Brigade Enterprises, Cholamandalam Financial, Cummins India, eClerx, Graphite India, Gulf Oil, Kalpataru Power, SH Kelkar, NCC, Natco Pharma, MAS Financial, Tata Power
To know details about earnings reported after market hours, key brokerage views and more, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
A Weak Opening Likely
Good Morning!
Indian equities on Tuesday closed at the highest level in more than five months, leading to the sixth straight session of gains for the NSE Nifty 50 index.
But futures are pointing toward losses on Wednesday. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 1% to 11,228 as of 8:00 a.m.
While Nifty 50 companies take a day's breather from announcing quarterly results, action continues in the broader market with Aarti Industries, Aurobindo Pharma, Ashok Leyland, Bharat Forge, Cummins India, Graphite India, Natco Pharma and Tata Power, among others, set to report their numbers for quarter ended June today.
The street will focus on stocks like Adani Ports, Metropolis Healthcare, RCF, Prataap Snacks, Somany Ceramics, KRBL, Shriram City Union and Chalet Hotels that reported their quarterly results late Tuesday.
Asian markets are mixed in mid-week trade as doubts linger over the timing of a new spending package in the U.S. All other markets in Asia, other than Japan, are trading with losses.
Futures on the Dow Jones are off the day's high and are trading flat. The index fell 0.4% on Tuesday — its first drop in eight sessions.
The selloff in gold extended to the second day after the yellow metal saw its biggest drop in seven years. Prices were down 1.4% to $1,885.7/Oz. West Texas Intermediate crude was 0.4% higher at $41.76 per barrel.
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