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Oil & gas stocks slide

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Weakness persisted on the bourses in mid-afternoon trade as index pivotals remained gripped under selling pressure. At 14:25 IST, the barometer index, the S&P Sensex, was down 163.46 points or 0.51% at 31,634.38. The 50 index was down 58.30 points or 0.59% at 9,849.75. Weakness in global stocks weighed on the domestic bourses.

Domestic stocks nudged lower in early trade on negative global cues weighed by escalation in tensions between the US and North Korea. Key indices cut losses in mid-morning trade after hovering in negative zone in morning trade. Selling gripped bourses once again later during the session.

The S&P Mid-Cap index was down 1.71%. The S&P Small-Cap index was down 2.08%. The fall in both these indices was higher than the Sensex's decline in percentage terms.

The broad market depicted weakness. There were over four losers against every gainer on BSE. 2,026 shares declined and 448 shares rose. A total of 115 shares were unchanged.

& gas stocks fell. Among exploration and production (E&P) stocks, Reliance Industries (down 0.5%), ONGC (down 1.42%) and India (down 0.39%) edged lower.

Among PSU OMCs, HPCL (down 3.72%), BPCL (down 3.3%) and Indian Oil Corporation (down 0.67%) fell.

Most realty stocks declined. DLF (down 1.99%), Indiabulls Real Estate (down 0.94%), D B Realty (down 0.27%), Unitech (down 1.52%), Sobha (down 1.47%) and Prestige Estates Projects (down 2.07%) fell. Housing Development and Infrastructure (up 2.61%), Godrej Properties (up 0.03%) and Oberoi Realty (up 0.74%) rose.

Bharat Heavy Electricals (Bhel) lost 4.36% after net profit rose 3.92% to Rs 80.82 crore on 2.04% growth in total income to Rs 6194.21 crore in Q1 June 2017 over Q1 June 2016. Bhel has an outstanding order book position of Rs 101380 crore as at 30 June 2017. The company's board has approved one bonus share for every 2 shares held. The result was announced during market hours today, 10 August 2017.

ITD Cementation India rose 4.02% after consolidated net profit rose 119.72% to Rs 20.72 crore on 41.29% decline in net sales to Rs 489.17 crore in Q2 June 2017 over Q2 June 2016. ITD Cementation India said it had an order book of Rs 8212.10 crore as on 30 June 2017 executable over a period of 30 months. The result was announced after market hours yesterday, 9 August 2017.

Meanwhile, India Meteorological Department (IMD) said that area weighted rainfall for the country as a whole till 9 August 2017 was 3% below the normal rainfall. The quantum of the rainfall and its spatial and temporal distribution are critical for the country's agriculture. Around 70% of the country's farmlands are rain-fed.

Overseas, European and Asian stocks declined as investors continued to take risks off the table even as American officials tried to ease concerns amid an escalation in tensions between the US and North Korea.

French industrial production fell further than expected in June as manufactured goods output declined, statistics showed. Industrial output in the eurozone's second-largest economy fell 1.1% on the month in June.

US stocks closed lower yesterday, 9 August 2017 as tensions between North Korea and the US added a dollop of geopolitical uncertainty to markets, and as high-profile companies disappointed with their quarterly results.

In the latest escalation of tensions between Washington and Pyongyang, the isolated Asian country threatened a missile strike at US territory Guam. That saber-rattling came a day after US President Donald Trump said he would respond with fire and fury like the world has never seen if the country doesn't halt its threats.

On the Federal Reserve front, Chicago Fed President Charles Evans said he supported starting a reduction of the central bank's $4.5 trillion balance sheet in September but was ambivalent about another rate hike this year.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 10 2017. 14:27 IST