BSE 500 index hits 52-week low
The S&P BSE 500 index hit a 52-week low of 13,810, down 1.7 %, fallen below its earlier low of 13,812 touched on October 6, 2017, in intra-day trade.
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The S&P BSE 500 index hit a 52-week low of 13,810, down 1.7% on the BSE after a sharp decline in market price of state-owned oil & gas, infrastructure, aviation and consumption sector stocks. The index has fallen below its earlier low of 13,812 touched on October 6, 2017, in intra-day trade.
The S&P BSE 500 index accounts 94% of the total market capitalisation of BSE listed companies. It has fallen 13% from its all-time high level of 15,938 touched on September 3, 2018, in intra-day trade.
Shares of state-owned oil & gas companies, including oil marketing companies (OMCs), are reeling under pressure falling by up to 29% on the BSE in intra-day deals, extending their previous day’s fall after the government, on Thursday, asked the them to absorb a Re 1 a litre cut in excise duty on petrol and diesel. The government also cut the excise duty on petroleum products by Rs 1.50 a litre with immediate effect. This is the first time in over four years that prices of either petrol or diesel are being controlled.
Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOCL) have skid in the range of 16% to 25% on the BSE. Oil and Natural Gas Corporation (ONGC), Oil India and Gail (India) and Gail (India) down between 10% and 15%.
The S&P BSE 500 index accounts 94% of the total market capitalisation of BSE listed companies. It has fallen 13% from its all-time high level of 15,938 touched on September 3, 2018, in intra-day trade.
Shares of state-owned oil & gas companies, including oil marketing companies (OMCs), are reeling under pressure falling by up to 29% on the BSE in intra-day deals, extending their previous day’s fall after the government, on Thursday, asked the them to absorb a Re 1 a litre cut in excise duty on petrol and diesel. The government also cut the excise duty on petroleum products by Rs 1.50 a litre with immediate effect. This is the first time in over four years that prices of either petrol or diesel are being controlled.
Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOCL) have skid in the range of 16% to 25% on the BSE. Oil and Natural Gas Corporation (ONGC), Oil India and Gail (India) and Gail (India) down between 10% and 15%.