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Wrap-up| Indian shares end flat after volatile trade

Wrap-up| Indian shares end flat after volatile trade
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First Published: Tue, Apr 05 2011. 05 19 PM IST
Updated: Tue, Apr 05 2011. 05 19 PM IST
New Delhi: Weak global cues and high crude oil prices led to a flat closing in Indian stock markets on Tuesday. After opening on a positive note, Indian shares soon lost ground by mid-day on concerns that rising crude oil prices will further stoke inflation. Brent crude oil prices rose to a high of $121 a barrel on concerns that unrest in oil producing countries will continue to disrupt supplies. Read more...
Even though prices eased to $120 a barrel, high crude prices cast a shadow on investor sentiment. With inflationary pressures resurfacing, expectations of rate hikes by the European Central Bank led to a weak opening for European stocks.
Sensex: 19,686 –0.08%
Nifty: 5,910 +0.03%
Stoxx: 50: 2,938 –0.60%
FTSE 100: 5,994 –0.37%
Oil & gas, FMCG and banking stocks led the losses in the BSE sectoral indices. Rising oil prices has led to fears that the RBI will not go soft on increasing interest rates. (Read more) Even though the BSE Oil & Gas index lost the most, stocks in metals, real estate and information technology space witnessed a sharp pull back by the end of the day.
BSE Oil & Gas: 10,253 –0.46%
BSE FMCG: 3,621 –0.40%
BSE Bankex: 13,394 –0.23%
BSE Metal: 16,693 +1.21%
BSE Realty: 2,419 +0.60%
Metal stocks surged on reports that the Supreme Court has lifted a ban on iron ore mining in Karnataka. According to Reuters, Karnataka accounts for a quarter of India’s iron ore exports. Karnataka banned shipments of the ore from in July last year.
Sesa Goa: Rs 313 +6.36%
Bhushan Steel: Rs 468 +3.63%
Sterlite Industries: Rs 177 +2.57%
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First Published: Tue, Apr 05 2011. 05 19 PM IST
More Topics: Markets | BSE | NSE | Sensex | Nifty |