Sensex in red; oil and gas stocks slump

The benchmark Sensex index of the Indian stock markets fell 29 points Friday due to selling pressure in oil and gas and FMCG stocks on disappointing earnings of some companies.

The 30-scrip S&P Sensex (sensitive index) of the Bombay Stock Exchange (BSE) opened in the negative at 22,892.50 points and was trading at 22,847.77 points at 12.44 p.m., down 0.13 percent or 28.77 points from its previous day close at 22,876.54 points.

The Sensex was trading in a narrow range with a negative bias. It touched a low of 22,806.54 points and high of 22,939.31 points in the intra-day trade.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) was trading 0.21 percent or 14.70 points down at 6,826.10 points.

There was heavy selling pressure in oil and gas stocks. Reliance Industries fell 1.56 percent toRs.951.80. Cairn India slumped 4.5 percent after the company's quarterly profit lagged market's estimates.

ITC, down 1.98 percent at Rs.346.35; Maruti Suzuki, down 1.75 percent at Rs.1948; NTPC, down 1.56 percent at Rs.120.25; Hindustan Unilever, down 1.54 percent at Rs.586.90 were among the major Sensex losers.

Oil and gas index of the BSE was down 1.49 percent. The FMCG index was down 1.1 percent and the capital goods index fell 0.16 percent.

However, there was good buying support in realty, consumer durables, healthcare and banking stocks.

Only nine of the 30 Sensex scrips were in the positive. Mahindra & Mahindra, up 2.79 percent at Rs.1065.70; Dr Reddys Lab, up 1.85 percent at Rs.2613.00; BHEL, up 1.53 percent at Rs.192.20 and HDFC, up 1.35 percent at Rs.890 were among the prominent gainers.