Metal, oil & gas stocks drag Sensex down 152 points

11 November, 2017, 01:54 | Author: Katrina Soto
  • Indian equity markets trade flat on first demonetisation anniversary rupee off to a weak start

Investors locked in gains amid lingering worries of a spurt in oil prices and its impact on inflation and fiscal deficit, brokers said.

The 30-share BSE Sensex was up 109.59 points at 33,360.52 and the NSE Nifty rose 33.50 points to 10,342.50.

Shares of Mahindra Logistics Ltd fell as much as 2.1 per cent on its market debut on Friday after the company raised 8.3 billion rupees ($128 million) via an initial public offering last week.

Both the indices extended losses as Sensex had tanked nearly 100 points within 15 minutes of trading, dragging the benchmark index below the psychological mark of 33,200.

Rival Cipla too faced selling pressure and slumped 7.18 per cent.

"The shares of Larsen and Toubro, ONGC and State Bank of India rose, whereas shares of Tata Motors, Reliance and Asian Paints fell", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

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However, gains in software exporters such as Infosys, TCS and Wipro on strengthening dollar cushioned the fall.

Foreign portfolio investors (FPIs) net purchased shares worth Rs 461.47 crore Tuesday, as per provisional data. All the major sectoral indices with the exception of Nifty PSU Bank were trading in the early hours with metal stocks tanking the most.

Globally, other Asian markets led by Japan's Nikkei hit 25-year highs, tracking record closing on the USA bourses amid strong corporate earnings. Key indices in rest of Asia declined, with Japan's Nikkei falling 0.10 per cent, retreating from 25-year highs, while Hong Kong's Hang Seng shed 0.30 per cent. The UK's FTSE too inched up by 0.07 per cent.

On Thursday, an upward rally in the S&P BSE consumer durables index and value buying led the benchmark indices to close on a flat-to-positive note.

Stocks of MMTC and STC ended higher by 10.18 per cent and 2.97 per cent after reports that the government is going ahead with the merger of its two trading firms.

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