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MARKET WRAP: Sensex down 306 pts, Nifty fails to hold 10,450; OMCs drag

Benchmark indices fell on Wednesday pulled down by oil companies

SI Reporter  |  New Delhi 

Markets, Up, Down, BSE, NSE, Stocks
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Nifty Metal index cracks 3.74%. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VEDANTA 252.65 269.95 -17.30 -6.41 TATA STEEL 540.05 576.80 -36.75 -6.37 JINDAL STEEL 226.15 240.35 -14.20 -5.91 S A I L 68.45 72.55 -4.10 -5.65 NATL. ALUMINIUM 70.60 73.45 -2.85 -3.88 Top losers in BSE Oil and Gas COMPANY LATEST PREV CLOSE LOSS() LOSS(%) H P C L 286.00 312.10 -26.10 -8.36 B P C L 375.20 397.30 -22.10 -5.56 O N G C 175.20 184.30 -9.10 -4.94 I O C L 153.60 161.55 -7.95 -4.92 OIL INDIA 231.00 238.55 -7.55 -3.16 Nifty sectoral losers of the day BSE Sensex: SBI top gainer of the day; Tata Steel, ONGC among top losers Market at close   The S&P BSE Sensex ended at 34,345, down 306 points while the broader Nifty50 index settled at 10,430, down 106 points. Metal shares under pressure; Tata Steel, JSPL, Vedanta down over 5% Shares of metal companies were under pressure with Tata Steel, Jindal Steel and Power (JSPL) and Vedanta slipping more than 5% on the National Stock Exchange (NSE).   Steel Authority of India (SAIL), National Aluminium Company (Nalco), Hindustan Zinc, JSW Steel, Hindalco Industries and NMDC were down in the range of 1% to 4%. READ MORE

Benchmark fell on Wednesday pulled down by oil companies, while mining and energy conglomerate Vedanta Ltd hit an over 10-month low as protests against its copper plant in south India turned violent.

State-owned oil refiners as well as marketing companies, such as Indian Oil and Hindustan Petroleum, took a hit on worries that the government may ask them to share the burden of higher petrol and diesel prices.

Retail fuel prices have surged on the back of a rally in crude oil, now hovering around $80 per barrel amid production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

Meanwhile, investors cheered from Cipla and the stock gained as much as 7.8%, its biggest percentage gain in over three months after the drugmaker posted a fourth-quarter profit against a loss last year.

GLOBAL MARKETS

Asian were mostly weaker on Wednesday with investors cautious after US President Donald Trump tempered optimism over progress made in trade talks between the world's two largest economic powers.

MSCI's broadest index of Asia-Pacific outside Japan was down 0.3 per cent, while Japan's Nikkei lost 1.2 per cent to end at a one-and-half week low and the Shanghai Composite Index retreated 1.1 per cent.

Beyond geopolitics, the Federal Reserve will release minutes of its latest policy meeting later today.

CRUDE OIL

In commodities, held firm near three-and-half year highs on potential supply concerns surrounding Venezuela and Iran.

US West Texas Intermediate (WTI) crude futures traded little changed at $71.95 a barrel, a 0.4 per cent loss. They touched $72.83 a barrel, the highest since November 2014, on Tuesday. Brent futures were 0.6 per cent lower at $79.11 a barrel. Last week, the global benchmark topped $80 for the first time since November 2014.
 
(with wire inputs)

First Published: Wed, May 23 2018. 15:30 IST
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MARKET WRAP: Sensex down 306 pts, Nifty fails to hold 10,450; OMCs drag

Benchmark indices fell on Wednesday pulled down by oil companies

Benchmark indices fell on Wednesday pulled down by oil companies
Benchmark fell on Wednesday pulled down by oil companies, while mining and energy conglomerate Vedanta Ltd hit an over 10-month low as protests against its copper plant in south India turned violent.

State-owned oil refiners as well as marketing companies, such as Indian Oil and Hindustan Petroleum, took a hit on worries that the government may ask them to share the burden of higher petrol and diesel prices.

Retail fuel prices have surged on the back of a rally in crude oil, now hovering around $80 per barrel amid production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

Meanwhile, investors cheered from Cipla and the stock gained as much as 7.8%, its biggest percentage gain in over three months after the drugmaker posted a fourth-quarter profit against a loss last year.

GLOBAL MARKETS

Asian were mostly weaker on Wednesday with investors cautious after US President Donald Trump tempered optimism over progress made in trade talks between the world's two largest economic powers.

MSCI's broadest index of Asia-Pacific outside Japan was down 0.3 per cent, while Japan's Nikkei lost 1.2 per cent to end at a one-and-half week low and the Shanghai Composite Index retreated 1.1 per cent.

Beyond geopolitics, the Federal Reserve will release minutes of its latest policy meeting later today.

CRUDE OIL

In commodities, held firm near three-and-half year highs on potential supply concerns surrounding Venezuela and Iran.

US West Texas Intermediate (WTI) crude futures traded little changed at $71.95 a barrel, a 0.4 per cent loss. They touched $72.83 a barrel, the highest since November 2014, on Tuesday. Brent futures were 0.6 per cent lower at $79.11 a barrel. Last week, the global benchmark topped $80 for the first time since November 2014.
 
(with wire inputs)
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Business Standard
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MARKET WRAP: Sensex down 306 pts, Nifty fails to hold 10,450; OMCs drag

Benchmark indices fell on Wednesday pulled down by oil companies

Benchmark fell on Wednesday pulled down by oil companies, while mining and energy conglomerate Vedanta Ltd hit an over 10-month low as protests against its copper plant in south India turned violent.

State-owned oil refiners as well as marketing companies, such as Indian Oil and Hindustan Petroleum, took a hit on worries that the government may ask them to share the burden of higher petrol and diesel prices.

Retail fuel prices have surged on the back of a rally in crude oil, now hovering around $80 per barrel amid production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

Meanwhile, investors cheered from Cipla and the stock gained as much as 7.8%, its biggest percentage gain in over three months after the drugmaker posted a fourth-quarter profit against a loss last year.

GLOBAL MARKETS

Asian were mostly weaker on Wednesday with investors cautious after US President Donald Trump tempered optimism over progress made in trade talks between the world's two largest economic powers.

MSCI's broadest index of Asia-Pacific outside Japan was down 0.3 per cent, while Japan's Nikkei lost 1.2 per cent to end at a one-and-half week low and the Shanghai Composite Index retreated 1.1 per cent.

Beyond geopolitics, the Federal Reserve will release minutes of its latest policy meeting later today.

CRUDE OIL

In commodities, held firm near three-and-half year highs on potential supply concerns surrounding Venezuela and Iran.

US West Texas Intermediate (WTI) crude futures traded little changed at $71.95 a barrel, a 0.4 per cent loss. They touched $72.83 a barrel, the highest since November 2014, on Tuesday. Brent futures were 0.6 per cent lower at $79.11 a barrel. Last week, the global benchmark topped $80 for the first time since November 2014.
 
(with wire inputs)

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Business Standard
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