Sensex Nifty tumble nearly 1 pc as oil spike raises inflation concerns
Mumbai Mar 21 PTI Reversing its early gains benchmark BSE Sensex plunged by 571 points or nearly 1 per cent at close on Monday following losses in banking oil FMCG and IT stocks as surging oil prices played spoilsport amid prolonged Russia-Ukraine war The 30-share Sensex opened higher and rose over 260 points to touch the days high of 5812795 However losses in banking oil and FMCG stocks dragged the index down by 634 points to touch a low of 5722908 The barometer settled at 5729249 down by 57144 points or 099 per cent The index had rallied over 2000 points in the previous two sessions The broader NSE Nifty declined by 16945 points or 098 per cent to finish at 1711760 after rallying over 620 points in the past two sessions It touched a high of 1735335 points and a low of 1709640 in the day trade Among Sensex constituents Power Grid fell the most by 293 per cent followed by Asian Paints 285 per cent UltraTech Cement 281 per cent Nestle 249 per cent Kotak Bank 242 per cent Hindustan Unilever 241 per cent and HCL Technologies 232 per cent Index heavyweight Reliance Industries dropped by 05 per cent HDFC by 1 per cent and ICICI Bank by 13 per cent In contrast Sun Pharma HDFC Bank Maruti Titan and NTPC were the only gainers With no significant improvement in the tensions between Russia and Ukraine and uncertainty in the Gulf region crude prices surged leading to a sell-off in the domestic market after the recent rally FIIs coming back to buying mode is a positive for domestic equities but a rise in bulk diesel prices and inflationary pressure are bending the domestic market said Vinod Nair Head of Research at Geojit Financial Services International oil benchmark Brent crude jumped 353 per cent to USD 1115 per barrel on reports that European countries this week will consider an oil embargo on Russian oil which could restrict supplies and fuel price rise A Houthi attack on an energy terminal in Saudi Arabia last week caused a temporary fall in oil production amid lower supplies by the oil cartel OPEC The broader market depicted a mixed trend with the BSE midcap declining 068 per cent while the smallcap gauge gaining 038 per cent Among BSE sectoral indices utilities tumbled 189 per cent followed by power 181 per cent FMCG 146per cent and bank 130 per cent A total of 1971 stocks declined while 1550 advanced and 149 remained unchanged on BSE Markets started the week on a muted note and lost nearly a per cent tracking mixed global cues according to Ajit Mishra VP – Research Religare Broking Ltd In the Asian trade Japanese markets were closed for a holiday while Shanghai ended marginally higher and Hong Kong went lower Stock exchanges in the US closed with significant gains on Friday Stock exchanges in Europe were trading higher in mid-session deals Foreign institutional investors were net buyers as they bought shares worth Rs 280014 crore on Thursday according to exchange data PTI SUM MR
Mumbai Mar 21 PTI Reversing its early gains benchmark BSE Sensex plunged by 571 points or nearly 1 per cent at close on Monday following losses in banking oil FMCG and IT stocks as surging oil prices played spoilsport amid prolonged Russia-Ukraine war The 30-share Sensex opened higher and rose over 260 points to touch the days high of 5812795 However losses in banking oil and FMCG stocks dragged the index down by 634 points to touch a low of 5722908 The barometer settled at 5729249 down by 57144 points or 099 per cent The index had rallied over 2000 points in the previous two sessions The broader NSE Nifty declined by 16945 points or 098 per cent to finish at 1711760 after rallying over 620 points in the past two sessions It touched a high of 1735335 points and a low of 1709640 in the day trade Among Sensex constituents Power Grid fell the most by 293 per cent followed by Asian Paints 285 per cent UltraTech Cement 281 per cent Nestle 249 per cent Kotak Bank 242 per cent Hindustan Unilever 241 per cent and HCL Technologies 232 per cent Index heavyweight Reliance Industries dropped by 05 per cent HDFC by 1 per cent and ICICI Bank by 13 per cent In contrast Sun Pharma HDFC Bank Maruti Titan and NTPC were the only gainers With no significant improvement in the tensions between Russia and Ukraine and uncertainty in the Gulf region crude prices surged leading to a sell-off in the domestic market after the recent rally FIIs coming back to buying mode is a positive for domestic equities but a rise in bulk diesel prices and inflationary pressure are bending the domestic market said Vinod Nair Head of Research at Geojit Financial Services International oil benchmark Brent crude jumped 353 per cent to USD 1115 per barrel on reports that European countries this week will consider an oil embargo on Russian oil which could restrict supplies and fuel price rise A Houthi attack on an energy terminal in Saudi Arabia last week caused a temporary fall in oil production amid lower supplies by the oil cartel OPEC The broader market depicted a mixed trend with the BSE midcap declining 068 per cent while the smallcap gauge gaining 038 per cent Among BSE sectoral indices utilities tumbled 189 per cent followed by power 181 per cent FMCG 146per cent and bank 130 per cent A total of 1971 stocks declined while 1550 advanced and 149 remained unchanged on BSE Markets started the week on a muted note and lost nearly a per cent tracking mixed global cues according to Ajit Mishra VP – Research Religare Broking Ltd In the Asian trade Japanese markets were closed for a holiday while Shanghai ended marginally higher and Hong Kong went lower Stock exchanges in the US closed with significant gains on Friday Stock exchanges in Europe were trading higher in mid-session deals Foreign institutional investors were net buyers as they bought shares worth Rs 280014 crore on Thursday according to exchange data PTI SUM MR
