Oil stocks see across the board decline

A bout of volatility was witnesses as key indices pared losses after extending losses in early trade. The barometer index, the S&P BSE Sensex hit its lowest level in more than a week. The 50-unit CNX Nifty hit its lowest level in a week. The Sensex was currently off 11.17 points or 0.04% at 27,632.71. The market breadth indicating the overall health of the market was positive.

FMCG shares were mostly higher. Shares of public sector oil marketing companies (PSU OMCs) declined. Shares of upstream oil exploration & production firms also edged lower.

Indian stocks may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month May 2015 series to June 2015 series. The near month May 2015 F&O contracts expire on Thursday, 28 May 2015.

Foreign portfolio investors bought shares worth a net Rs 74.14 crore yesterday, 25 May 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 0.17 crore yesterday, 25 May 2015, as per provisional data released by the stock exchanges.

In the overseas market, Asian stocks were higher today, 26 May 2015. US stock markets were closed yesterday, 25 May 2015, for the Memorial Day Holiday.

At 10:15 IST, the S&P BSE Sensex was down 11.17 points or 0.04% at 27,632.71. The index lost 100.64 points at the day's low of 27,543.24 in early trade, its lowest level since 18 May 2015. The index rose 32.06 points at the day's high of 27,675.94 in early trade.

The CNX Nifty was down 4.55 points or 0.05% at 8,365.70. The index hit a high of 8,378.90 in intraday trade. The index hit a low of 8,337.50 in intraday trade, its lowest level since 19 May 2015.

The BSE Mid-Cap index was up 31.34 points or 0.3% at 10,642.45. The BSE Small-Cap index was up 15.97 points or 0.14% at 11,199.35. Both these indices outperformed the Sensex.

The market breadth indicating the overall health of the market was positive. On BSE, 969 shares rose and 765 shares fell. A total of 65 shares were unchanged.

FMCG shares were mostly higher. Marico (up 1.57%), Britannia Industries (up 1.29%), Godrej Consumer Products (up 1.17%), Colgate-Palmolive (India) (up 0.6%), Tata Global Beverages (up 0.31%), Dabur India (up 0.26%), Nestle India (up 0.54%) and Jyothy Laboratories (up 0.3%) edged higher. GlaxoSmithkline Consumer Healthcare (down 0.81%), Procter & Gamble Hygiene and Health Care (down 0.56%), Hindustan Unilever (down 0.49%) and Bajaj Corp (down 0.29%) edged lower.

Shares of public sector oil marketing companies (PSU OMCs) declined. BPCL (down 0.94%), HPCL (down 0.8%) and Indian Oil Corporation (down 0.14%) edged lower.

Shares of upstream oil exploration & production firms also edged lower. Reliance Industries (down 0.21%), Cairn India (down 0.33%), Oil India (down 0.46%) edged lower.

ONGC was off 0.7% at Rs 327. ONGC's wholly owned subsidiary ONGC Videsh's net profit fell 57.16% to Rs 1904 crore on 14.63% decline in gross revenue to Rs 18491 crore in the year ended 31 March 2015 (FY 2015) over the year ended 31 March 2014 (FY 2014). The result was announced after market hours yesterday, 25 May 2015.

ONGC Videsh attributed the decline in net profit in FY 2015 to lower oil prices, higher financing cost including exchange loss, higher depletion charge, and impairment provision in one of the assets.

In the overseas market, Asian stocks were higher today, 26 May 2015. Key indices in China, Japan, Hong Kong, Taiwan, and Indonesia were up 0.25% to 1.64%. Key indices in Singapore and South Korea were off 0.07% to 0.24%.

US stock markets were closed yesterday, 25 May 2015, for the Memorial Day Holiday.

Federal Reserve Vice Chairman Stanley Fischer said yesterday, 25 May 2015 that central bankers are weighing the risk of raising interest rates prematurely against the danger of having to play catch-up if they wait too long.

In Europe, Greece intends to keep repaying its debt, a government spokesman reportedly said yesterday, 25 May 2015, days after Interior Minister Nikos Voutsis warned it had run out of funds.

Powered by Capital Market - Live News