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Equity indices tumble as oil nears $80 per barrel (Roundup)

Thursday - May 17, 2018 6:58 pm , Category : BUSINESS
 Equity indices tumble as oil nears $80 per barrel (Roundup)
Equity indices tumble as oil nears $80 per barrel (Roundup)
Mumbai May 17 (IANS) A further rise in global crude oil prices to around $80 per barrel along with heavy outflow of foreign funds eroded the initial gains made by the key equity indices as they eventually ended in the red on Thursday.
Accordingly the key domestic indices rose higher during the early trade session on the back of positive domestic political cues but also ceded their gains in part to the heavy selling pressure seen in banking and FMCG counters.
Index-wise the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed at 10 682.70 points -- down 58.40 points or 0.54 per cent from the previous close of 10 741.10 points.
The barometer S&P BSE Sensex which had opened at 35 483.62 points closed at 35 149.12 points -- lower by 238.76 points or 0.67 per cent -- from the previous day s close at 35 387.88 points.
Besides volatility was evident as the Sensex touched a high of 35 510.01 points and a low of 35 087.82 points during the intra-day trade session.
The BSE market breadth was however slightly tilted towards the bulls with 1 392 advances and 1 232 declines. On the NSE too the market breadth was positive analysts said.
"A rise in Brent crude oil futures put pressure on the markets as did FII (Foreign Institutional Investors) outflows and mixed signals from Asian markets " Deepak Jasani Head of Retail Research at HDFC Securities told IANS.
BNP Paribas Mutual Fund s Senior Fund Manager for Equities Abhijeet Dey said: "Benchmark indices in India traded in negative zone today as selling pressure gripped markets."
"While domestic markets did kickstart the day on a positive note after BJP leader B.S. Yeddyurappa was sworn in as the Chief Minister of Karnataka stocks reversed initial gains on mixed global cues " he said.
Jasani however said broad market indices like the BSE mid-cap and small-cap indices gained thereby outperforming the main indices. The S&P BSE mid-cap rose 0.67 per cent and S&P BSE small-cap ended 0.43 per cent higher from its previous close.
On the currency front the Indian rupee strengthened by nine paise against the US dollar to 67.71 from its previous close at 67.80 per greenback.
In terms of investments provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 830.94 crore while the domestic institutional investors bought stocks worth Rs 428.92 crore.
Sector-wise the S&P BSE consumer durables index rose by 292.39 points the capital goods index edged up by 46.30 points and the oil and gas index ended 11.33 points higher.
On the other hand the S&P BSE banking index fell by 186.23 points followed by FMCG index which declined by 102.13 points and the metal index that ended 83.07 points lower.
The major gainers on the Sensex were Coal India up 2.53 per cent at Rs 271.40; Sun Pharma up 1.75 per cent at Rs 480.10; Tata Motors up 1.53 per cent at Rs 315.15; Wipro up 1.15 per cent at Rs 277.45; and Tata Motors (DVR) up 0.98 per cent at Rs 185.30 per share.
The top losers were ITC down 2.43 per cent at Rs 279.00; Bharti Airtel down 2.34 per cent at Rs 366.55; HDFC down 2.08 per cent at Rs 1 875.05; Tata Steel down 1.93 per cent at Rs 610.05; and Axis Bank down 1.79 per cent at Rs 539.50 per share.

--IANS rrb-rv/vm

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