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Wrap-up| Oil & gas stocks drag Indian markets

Wrap-up| Oil & gas stocks drag Indian markets
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First Published: Wed, May 18 2011. 05 10 PM IST
Updated: Wed, May 18 2011. 05 10 PM IST
Mumbai: Selling in oil & gas stocks led to a weak closing in Indian markets. Rebounding crude prices and speculation that government might ask the state-owned upstream firms to increase their contribution to the fuel subsidy pool led to selling in oil & gas shares. Crude prices climbed more than $1 to $111 a barrel on an unexpected fall in US gasoline inventories.
Sensex: 18,086 –0.28%
Nifty: 5,420 –0.34%
Oil & gas and Anil Ambani group company shares led the losses among Nifty 50 shares. Reliance Infrastructure, Reliance Communications and Reliance Capital fell by more than 2% each after reports said that Ambani was looking to invest $5-10 billion in Indonesia. Read more...
Reliance Infrastructure: Rs 560 –4.23%
Tata Motors: Rs 1,148 –3.44%
BPCL: Rs 624 –3.25%
Reliance Communications: Rs 86 –3.20%
Healthcare, auto and real estate stocks also saw losses. Investors sold automobile stocks on concerns that high fuel prices and interest rates might slowdown vehicle sales.
BSE Oil & Gas: 9,185 –1.88%
BSE Healthcare: 6,108 –1.40%
BSE Auto: 8,970 –0.98%
BSE Realty: 2,120 –0.92%
Except Oil India and Cairn India, all stocks in the BSE Oil & Gas index closed the day with losses. With crude prices rebounding and government not showing urgency in rising diesel prices, shares of oil marketing companies declined the most.
HPCL: Rs 358 –4.35%
Indian Oil Corporation: Rs 321 –4.29%
BPCL: Rs 623 –3.37%
Gail India: Rs 423 –2.22%
Reliance Industries: Rs 901 –2.10%
ONGC: Rs 274 –1.24%
However, Bajaj Finserv moved up sharply on robust March-quarter results. The company on Tuesday reported a doubling of March quarter profits.
Bajaj Finserv: Rs 520 +4.84%
Overall, 60% of the stocks on the BSE closed the day with losses.
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First Published: Wed, May 18 2011. 05 10 PM IST
More Topics: Markets Update | BSE | NSE | Sensex | Nifty |