Rise in oil prices drag equity indices lower


Mumbai, May 17: The Indian equity markets ceded their initial gains to close Thursday’s trade session in the red as negative global cues like rise in crude oil prices eroded investors risk-taking appetite.

Accordingly, the key domestic indices rose higher during the early trade session on the back of positive domestic political cues but failed to maintain the momentum and saw heavy selling in banking and FMCG counters.

At 3.30 p.m., the wider 50-scrip Nifty of the National Stock Exchange (NSE) provisionally closed at 10,682.70 points — down 58.40 points or 0.54 per cent from the previous close of 10,741.10 points.

The barometer Sensex of the BSE, which had opened at 35,483.62 points, closed at 35,149.12 points (3.30 p.m.) — lower by 238.76 points or 0.67 per cent — from the previous day’s close at 35,387.88 points.

Besides, volatility was evident as the Sensex touched a high of 35,510.01 points and a low of 35,087.82 points during the intra-day trade session.

The BSE market breadth was, however, slightly tilted towards the bulls with 1,400 advances and 1,227 declines.

The major gainers on the BSE were Coal India, Sun Pharma, Tata Motors, Wipro and Tata Motors (DVR), while ITC, Bharti Airtel, HDFC, Axis Bank, Tata Steel and Adani Ports were the major losers.

On the NSE, the top gainers were Bajaj Finance, Bajaj Finserv and Coal India. The major losers were Hindalco Industries, UPL and ITC.


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