Monday, December 23, 2024 | 05:06 AM ISTEN Hindi

Sensex falls 111 pts, Nifty holds 15,750; RIL sinks 7%, MRPL 10%

Benchmark indices swung wildly in trade on Friday after the government's move to tax oil refiners' windfall gain amid soaring crude oil prices hurt index heavyweight Reliance Industries' stock

SI Reporter New Delhi

On a month-to-date (MTD) basis, the BSE MidCap index fell 1.8 per cent and the SmallCap index declined 3.8 per cent, while the Sensex rose 5.2 per cent.

CLOSING BELL

Stock market highlights: Benchmark indices swung wildly in trade on Friday after the government's move to tax oil refiners' windfall gain amid soaring crude oil prices hurt index heavyweight Reliance Industries' stock. Other oil-linked stocks such as ONGC, OIL India, MRPL, and Chennai Petrochemicals, too, bled in the broader markets.

Overall, the BSE Sensex index gyrated 959 points intra-day before closing 111 points, or 0.21 per cent, lower at 52,908. The Nifty50, too, hit an intra-day low of 15,511 before settling at 15,752, down 28 points or 0.18 per cent.

In the broder markets, the BSE MidCap and SmallCap indices fell 0.07 per cent and 0.46 per cent, respectively. Among sectors, the BSE Oil and Gas Index dropped 3.5 per cent.

Oil stocks in focus

Shares of oil upstream companies, including Reliance Industries (RIL), ONGC, and Oil India, came under heavy selling pressure on Friday after the government imposed taxes on the export of petrol, diesel, and aviation turbine fuel (ATF), as it mandated exporters of these products to meet the requirements of the domestic market first. READ MORE

4:14 PM

Closing view: Support from ITC surprises bears on Friday

As the street sets about pricing in the impact of the windfall gain tax on the Oil & Gas sector, benchmark indices displayed high volatility today primarily led by the Energy sector.

The manner in which Bulls responded with the help of FMCG stocks led by ITC in afternoon trade left bears completely surprised as it helped indices stage a breathtaking recovering by erasing the day's losses.

Views by S Ranganathan, Head of Research at LKP securities

markets, stock market, sensex, correction, nifty, shares, growth, profit, economy, gain

4:10 PM

Closing view: FMCG pack gained on belief commodity prices have peaked out

Unfavorable cues from the domestic market led to a weak start due to weakness in the rupee and selling in oil refineries as the government imposed an additional export duty on petrol and diesel.

Adding to the weakness, India’s factory output growth slowed down during June, as high inflation continued to dampen demand.

However, the FMCG sector witnessed strong buying supported by declining commodity prices on the belief that the prices have peaked out.

Views by Vinod Nair, Head of Research at Geojit Financial Services.