Key benchmark indices gyrated in a small range with negative bias in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 21.37 points or 0.06% at 34,629.87. The Nifty 50 index was down 20.80 points or 0.2% at 10,515.90. Oil & gas stocks declined. Telecom stocks saw mixed trend. Global stocks fell as investors continued to assess potential trade tensions, the possible cancellation of a June summit with North Korea and a fall in commodity prices.
After opening on a positive note, the market declined as the session proceeded. Indices hovered in a range with small losses in mid-morning trade. Indices pared losses in early afternoon trade.
The broader market was trading higher. Among secondary barometers, the BSE Mid-Cap index was up 0.26%. The BSE Small-Cap index was up 0.42%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1354 shares rose and 1064 shares fell. A total of 142 shares were unchanged.
Oil & gas stocks declined. Among shares of oil exploration and production (E&P) companies, ONGC (down 2.25%), Reliance Industries (down 0.89%) and Oil India (down 2.7%) edged lower.
Among PSU OMCs, BPCL (down 5.11%) and Indian Oil Corporation (down 4.05%) dropped.
Also Read
HPCL dropped 5.59% after net profit fell 3.9% to Rs 1747.89 crore on 17.76% rise in total income to Rs 61152.73 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 22 May 2018.
HPCL said that the relative inventory gains during Q4 March 2018 were lower as compared to Q4 March 2017. HPCL recorded domestic sales volume of 9.39 MMT with a growth of 7.2% in Q4 March 2018 over Q4 March 2017. The sales of Motor Spirit (Petrol) increased by 12.8%, High Speed Diesel by 9.3% and LPG by 6.7% in Q4 March 2018 over Q4 March 2017.
HPCL said average gross refining margins (GRMs) during the year ended 31 March 2018, were US$ 7.40 per barrel as against US$ 6.20 per barrel during Ihe corresponding previous year.
Among gas utility stocks, GAIL (India) (down 1.48%) and Gujarat State Petronet (down 0.6%) fell. Indraprastha Gas (up 0.6%) and Gujarat Gas (up 0.39%) rose.
Telecom stocks saw mixed trend. Idea Cellular (up 1.27%), Tata Teleservices (Maharashtra) (up 0.83%) and Reliance Communications (up 1.04%) rose. Bharti Airtel (down 0.53%) and MTNL (down 0.31%) fell.
Shares of Bharti Infratel rose 0.41%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
On the political front, Janata Dal (Secular), or JD(S), leader H D Kumaraswamy will take oath as Chief Minister of Karnataka today, 23 May 2018, at 16:30 IST on the steps of the Vidhana Soudha, the state secretariat. Governor Vajubhai Vala will administer the oath of office and secrecy to Kumaraswamy.
The 12 May 2018 Karnataka assembly polls threw up a hung verdict with BJP emerging as the single largest party with 104 seats. The Congress was next with 78 and the JD(S) followed with 37. The BSP has one MLA and two seats went to Independents.
Overseas, European shares retreated as a drop in crude prices weighed on energy companies. Asian shares were trading lower after US President Donald Trump said he was not satisfied with bilateral trade talks with China that occurred last week, but called them a start to working out the US trade imbalance with Beijing.
Meanwhile, China announced on Tuesday that it would reduce tariffs on some vehicles to 15% from as much as 25%. Tariffs on certain automotive parts would also be cut.
US stocks closed lower overnight as uncertainty over trade policy and other geopolitical issues remained high.
On the geopolitical front, Trump said Tuesday there was a substantial chance that a summit with North Korean leader Kim Jong Un may not work out. Trump's comments came as he met South Korean President Moon Jae-in ahead of a planned meeting, scheduled for 12 June 2018, with Kim.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content