New Delhi: Indian stocks extended their losses for the eighth consecutive day as concerns about rising borrowing costs continued to haunt investors.
Sensex: 18,469 –0.35%
Nifty: 5,537 –0.50%
Shares of cement and metal companies led the losses in the Nifty-50 shares. Investors sold cement stocks on concerns of rising input costs and slowing demand. The Hero Honda stock fell by more than 3% after the company said its profits fell by 16.5% in the March quarter. Rising input costs and higher advertising spends led to a contraction in the company’s profits. ONGC, on the other hand, surged more than 5% after reports said that the company is in talks to acquire oil sands reserves in Canada.
ACC: Rs 1,013 –6.20%
Ambuja Cement: Rs 141 –5.61%
Grasim Industries: Rs 2,341 –4.57%
ONGC: Rs 310 +5.73%
At the sectoral level, automobiles, information technology and metal stocks led the losses on the BSE. The metal index lost more than one percent on falling commodity prices in international markets. A sharp rise in ONGC and BPCL stocks helped the BSE oil & gas index close the day with notable gains.
BSE Oil & Gas index: 9,782 +1.21%
BSE Auto: 8,988 –1.33%
BSE IT: 6,014 –1.08%
BSE Metal: 15,534 –1.05%
Most of the stocks in the BSE Auto index closed with losses. Investors sold automobile stocks on concerns that rising interest rates will impact the sales of automobile companies as most of the consumers depend on loans to make vehicle purchases.
Bajaj Auto: Rs 1,300 –4.91%
Hero Honda: Rs 1,600 3.63%
Maruti Suzuki: Rs 1,255 –1.48%
Ashok Leyland: Rs 48 –1.72%
Reports of the government considering a fuel price hike revived investor interest in the stocks of oil marketing companies.
BPCL: Rs 654 +4.05%
HPCL: Rs 389 +2.07%
Oil India: Rs 1,371 +2.10%
Indian Oil Corporation: Rs 348 +1.78%