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Markets trade weak, rising crude prices cast shadow

Markets trade weak, rising crude prices cast shadow
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First Published: Fri, Mar 18 2011. 10 46 AM IST
Updated: Fri, Mar 18 2011. 10 46 AM IST
New Delhi: After opening in the green, Indian stock soon slipped into negative territory in morning deals. Rising crude prices and hawkish stance of the RBI cast a shadow on investor sentiment. Brent North Sea crude oil for May delivery rose $1.56 to $116.46 a barrel in the Singapore market on concerns that tensions in Libya and Middle East might hurt supplies.
Sensex: 17,975, –0.96%
Nifty: 5,400, –0.85%
Nikkei: 9,241, +3.1%
Hang Seng: 22,451, +0.75%
Rising crude oil prices came back to haunt oil & gas stocks. BSE Oil & Gas index slipped the most. Concerns about rising under-recoveries and lack of clarity on how the government is going to compensate these companies are dragging the stocks. IT and banking are the other set of stocks that are trading with losses.
BSE Oil & Gas: 9,691, –2.6%
BSE IT: 6,024, –0.96%
BSE Bankex: 12,256, –0.68%
BSE Power: 2,556, –0.63%
Reliance Industries is leading the losses in the Nifty-50 pack. Apart from oil & gas companies, financial services and capital goods stocks are also trading weak. However, Maruti Suzuki rebounded as investors thought the correction was overdone in the stock.
Reliance Industries: Rs 992, –3.7%
BHEL: 1,931, –1.97%
BPCL: Rs 562, –1.94%
Reliance Power: Rs 123, –1.68%
Maruti Suzuki: Rs 1,186, +1.86%
SAIL: Rs 160, +1.23%
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First Published: Fri, Mar 18 2011. 10 46 AM IST
More Topics: Markets | BSE | NSE | Sensex | India |