In volatile trading, the
benchmark Sensex today failed to maintain early gains and ended down
44.45 points at 25,201.80, led by losses in ONGC and RIL scrips, as oil
continued its upmove on fighting in Iraq. The Sensex resumed higher at
25,327.09 and firmed up further to a high of 25,425.85 on initial buying
mainly in realty, IT, Teck and power counters. This was on account of
overnight rise in the US market after US Federal Reserve gave a positive
assessment of the world's largest economy and committed to retaining
its accommodative monetary policy. Stocks of ONGC, India's largest
state-owned oil explorer, plunged 5.13 per cent, the most in three
years, GAIL lost 1.88 per cent, while RIL fell 2.38 per cent, the most
in a month. Shares of state-run oil companies, HPCL plunged 3.97 per
cent and BPCL lost 4.67 per cent. Reports saying higher gas pricing may
be allowed only for incremental output, also hit investor appetite.
Pulled down heavy losses in oil & gas shares, the 30-share Sensex
declined afterwards to 25,069.66 before settling at 25,201.80, showing a
loss of 44.45 points or 0.18 per cent. Yesterday, it had slipped about
275 points. The CNX 50-share Nifty dropped by 17.50 points, or 0.23 per
cent, to close at 7,540.70 today. Data showing Foreign portfolio
investors (FPIs) bought shares worth a net Rs 366.18 crore yesterday,
failed to lift sentiment. Jignesh Chaudhary, Head of Research, Veracity
Broking Services said: "Investors are being watchful as growing tension
in Iraq has created negativity in the market." Oil prices rose in
afternoon Asian trade after Washington today weighed calls for air
strikes on militants bearing down on Baghdad. The US benchmark West
Texas Intermediate (WTI) for July rose 44 cents to USD 106.41 while
Brent crude for August gained 18 cents to USD 114.44 a barrel. Rising
oil prices threaten to inflate the fuel import bill and push inflation
higher in the Indian economy. Asian markets ended mixed as crude oil
rose. Key indices in China, Hong Kong and Singapore dropped while
indices in Japan, South Korea and Taiwan moved up.
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