Sensex Drops 111 pts, Nifty Holds 15,750; OIL, ONGC, RIL Slip Up To 15%

Sensex Drops 111 pts, Nifty Holds 15,750; OIL, ONGC, RIL Slip Up To 15%

Key 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. At close, the Sensex was down 111.01 points or 0.21 per cent at 52907.93, and the Nifty was down 28.30 points or 0.18 per cent at 15752.

Top Gainers & Losers

ONGC, Reliance Industries Power Grid Corporation, Bajaj Auto and Bharti Airtel were among the top Nifty losers. ITC, Bajaj Finance, Bajaj Finserv, Britannia Industries and Cipla were among the gainers on the index.

Among stocks, Asian Paints rose 1.2 per cent as crude slipped to $115/bbl after OPEC+ assured raising output from August.

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.

Global Cues

Bonds slipped, the dollar edged higher and Asia’s stock market made a shaky start to the second half on Friday, as investors grow increasingly nervous about the global economic outlook. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, with trade thinned by a holiday in Hong Kong.

Tokyo stocks fell into negative territory in early trade on Friday after opening higher, tracking slumps on Wall Street. The benchmark Nikkei 225 index dropped 0.37 per cent or 97.27 points to 26,295.77 yen in early trade after marking solid gains at the opening bell.

Wall Street ended lower on Thursday, crossing the finish line of a grim month and quarter, a dismal coda to the S&P 500’s worst first half in more than half a century. All three major U.S. stock indexes finished the month and the second quarter in negative territory, with the S&P 500 notching its steepest first-half percentage drop since 1970.