Sensex sheds 379 pts, Nifty below 15,200; ONGC, other gas stocks rally to 52-week high – Business News , Firstpost

While ONGC was the highest gainer on BSE Sensex, the S&P BSE Oil and Gas index ended 632.03 factors larger or 4.22 % up at 15,609.10, a day after govt reaffirmed its dedication to convey pure gas underneath GST

The BSE Sensex tumbled 379 factors on Thursday, monitoring losses in index heavyweights HDFC twins, ICICI Bank and Reliance Industries amid a weak development in world markets whereas the broader NSE Nifty dropped 89.95 factors.

The 30-share BSE index ended 379.14 factors or 0.73 % decrease at 51,324.69 whereas the Nifty ended 0.59 % decrease to 15,118.95

Bajaj Finance was the highest laggard within the Sensex pack, skidding over two %, adopted by Kotak Bank, Nestle India, HDFC, M&M, and ICICI Bank.

Shares of pure gas corporations rallied to their 52-week highs through the intraday commerce on Thursday, experiences mentioned, a day after Prime Minister Narendra Modi introduced that the NDA authorities will convey pure gas underneath the ambit of GST.

ONGC was the highest gainer within the S&P BSE Sensex, rallying over eight % on Thursday. The inventory had touched a 52-week high of Rs 113.45 through the day’s commerce.

In the BSE Sensex, NTPC, Asian Paints, Tech Mahindra, PowerGrid and IndusInd Bank have been among the many other winners on Thursday.

Several gas stocks hit 52-week high

The S&P BSE Oil and Gas index touched a high of 15,740.00 and ended 632.03 factors larger or 4.22 % at 15,609.10. Besides ONGC, other gas stocks additionally rallied on Thursday.

The Gujarat State Petronet inventory climbed to a 52-week high of Rs 276.60 on the BSE gaining 15.61 %, The Indian Express reported.

Indraprastha Gas surged 9.18 % to its 52-week high of Rs 594.85 per share. GAIL (India) too rose 9.97 % to its 52-week high of Rs 147.75 per share, whereas Oil and Natural Gas Corporation (ONGC) gained 8.71 % to a 52-week high of Rs 111.10. The Petronet LNG inventory hit an intraday high of Rs 249.80, gaining 3.87 %.

According to analysts, revenue-reserving in personal banks, auto and FMCG dragged the benchmarks. Indian markets couldn’t maintain early beneficial properties and began buying and selling in destructive zone within the afternoon session as promoting strain was witnessed following weak world cues primarily from western markets as buyers awaited key financial information, mentioned Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

Elsewhere in Asia, Shanghai ended on a optimistic be aware, whereas bourses in Hong Kong, Tokyo and Seoul have been within the pink. Stock exchanges in Europe have been largely buying and selling within the destructive terrain in mid-session offers.

Meanwhile, the worldwide oil benchmark Brent crude was buying and selling 0.48 % larger at $64.65 per barrel.

With inputs from PTI

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