 "Markets extend losses as oil & gas shares tank")
Benchmark indices slipped further in opening hour as oil & gas heavyweights like RIL and ONGC tanked.
At 0950 hrs, the Sensex was down 149 points at 25,165 and the Nifty dropped 42 points to trade at 7,582. Of these, RIL and ONGC contributed to 114 points fall seen on Sensex.
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(Updated at 0950 hrs)
Markets started on a negative note on the last day of the June series weighed down by weakness in oil & gas heavyweights as the government refused to bit the bullet and maintained status quo on gas prices for another three months.
At 0917 hrs, the Sensex was down 61 points at 25,254 and the Nifty dipped 12 points to trade at 7,557 in opening deals.
Meanwhile, the broader markets started in the green with smallcap index down 0.2% and the midcap index was marginally up by 0.1%.
Sectors & Stocks
Oil & Gas index down 3% was the only sectoral index in red.
On the other hand, Bankex, Capital goods, Power, Metal, Consumer Durables and Auto indices gained 0.5-0.8%.
Auto names like Baja Auto and Mahindra & Mahindra extended yesterday’s rally and opened up 1% higher.
Axis Bank, Tata Power, Tata Steel, Coal India and BHEL up 0.8-1% were the other notable gainers.
Oil & Gas heavyweights ONGC and RIL slipped 3-5% and were the top losers among Sensex stocks in opening deals. Gail India was down 1.5%
Maruti Suzuki, Hindustan Unilever, Sun Pharma, NTPC and Cipla down 0.3-1% were the only other names in red.
The market breadth was positive on BSE. 988 stocks advanced while 533 stocks declined.
Global Markets
Asian shares swung higher on Thursday as weak U.S. growth seemed to further delay the day when interest rates might rise, pulling down bond yields globally and pushing investors toward riskier assets in a desperate search for returns.
A shockingly poor reading on the U.S. economy for the first quarter also pressured the dollar while giving a lift to most commodities and resource-related currencies.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3%. Japan's Nikkei gained 0.4% and South Korea 0.5%.
U.S. stocks rose on Wednesday, led by drugmakers, while a Supreme Court ruling lifted the shares of major broadcasters.
The Dow Jones industrial average rose 0.29%, to 16,867. The S&P 500 gained 0.49%, to 1,959. The Nasdaq Composite added 0.68%, to 4,380.
At 0950 hrs, the Sensex was down 149 points at 25,165 and the Nifty dropped 42 points to trade at 7,582. Of these, RIL and ONGC contributed to 114 points fall seen on Sensex.
________________________
(Updated at 0950 hrs)
Markets started on a negative note on the last day of the June series weighed down by weakness in oil & gas heavyweights as the government refused to bit the bullet and maintained status quo on gas prices for another three months.
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At 0917 hrs, the Sensex was down 61 points at 25,254 and the Nifty dipped 12 points to trade at 7,557 in opening deals.
Meanwhile, the broader markets started in the green with smallcap index down 0.2% and the midcap index was marginally up by 0.1%.
Sectors & Stocks
Oil & Gas index down 3% was the only sectoral index in red.
On the other hand, Bankex, Capital goods, Power, Metal, Consumer Durables and Auto indices gained 0.5-0.8%.
Auto names like Baja Auto and Mahindra & Mahindra extended yesterday’s rally and opened up 1% higher.
Axis Bank, Tata Power, Tata Steel, Coal India and BHEL up 0.8-1% were the other notable gainers.
Oil & Gas heavyweights ONGC and RIL slipped 3-5% and were the top losers among Sensex stocks in opening deals. Gail India was down 1.5%
Maruti Suzuki, Hindustan Unilever, Sun Pharma, NTPC and Cipla down 0.3-1% were the only other names in red.
The market breadth was positive on BSE. 988 stocks advanced while 533 stocks declined.
Global Markets
Asian shares swung higher on Thursday as weak U.S. growth seemed to further delay the day when interest rates might rise, pulling down bond yields globally and pushing investors toward riskier assets in a desperate search for returns.
A shockingly poor reading on the U.S. economy for the first quarter also pressured the dollar while giving a lift to most commodities and resource-related currencies.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3%. Japan's Nikkei gained 0.4% and South Korea 0.5%.
U.S. stocks rose on Wednesday, led by drugmakers, while a Supreme Court ruling lifted the shares of major broadcasters.
The Dow Jones industrial average rose 0.29%, to 16,867. The S&P 500 gained 0.49%, to 1,959. The Nasdaq Composite added 0.68%, to 4,380.