Oil at $111: Iran fears, gap-down open & what it means for your portfolio
Iran tensions are pushing crude past $110 and the rupee to a record low for the fifth straight day, splitting the market in two — IT stocks up 2% while everything else bleeds. Oil marketing companies like IOC, BPCL and HPCL are down 3%, banking is under pressure, and autos are getting hammered, but a weak rupee is the one tailwind keeping IT in the green. Gland Pharma is surging 15% on a 97% profit jump while Amber Enterprises crashes 15% on margin warnings — watch Nifty's 23,400 support level into the close.
The skinny
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