Feb 23, 2011, 04.39 PM IST | Source: Moneycontrol.com

Nifty ends lower as oil hits $96/bbl

Indian equity benchmarks continued the downtrend for second consecutive session on the back of fall in European markets and further rise in crude oil prices.

15:51

Nifty ends lower as oil hits $96/bbl
Nifty below 5450; financials, IT, realty slip

The benchmark Sensex shed about 100 points amid volatility and the Nifty slipped below 5450 level at 14:58 hours, which has been moving in a range of 5400-5500 since previous week. Fall in European markets and rise in crude oil prices could be the reason behind this sell-off.

Crude oil was trading at USD 96.07 a barrel, up by USD 2.5 over previous closing price. European markets like Britain's FTSE was down 0.8%, France's CAC down 0.25% and Germany's DAX down 0.45%.

Financial, technology, infrastructure and realty companies' shares were pulling the markets down. Ranbaxy Labs, ONGC, ITC, Bajaj Auto and Tata Steel too were down.

Shares of India's largest lender SBI tanked 4% followed by ICICI Bank, HDFC Bank, Axis Bank and PNB with 1-1.5% fall. IDFC plunged over 3%. DLF from realty pack slipped 3%.

Infosys, TCS and Wipro from technology pack were down 1-2%. NTPC, BHEL and Jaiprakash Associates declined 1.5-2%.

However, Anil Dhirubhai Ambani Group (ADAG), cement and auto companies' shares were supporting the markets. Reliance Industries, HDFC and Sterlite Industries were gainers.

The 30-share BSE Sensex was trading at 18,175, down 121 points and the 50-share NSE Nifty fell 36 points to 5,433. About 467 shares advanced as against 821 shares declined on National Stock Exchange.

However, Reliance Infrastructure shot up 11%. Hero Honda, Reliance Communications, HDFC, Sterlite Industries, Reliance Capital and Dr Reddy's Labs gained 1.5-3%. Hero Honda surged 5%.

In midcap space, State Bank of Bikaner, State Bank of Mysore, State Bank of Travancore and Man Infra rallied 17-20%. Bajaj Finserv was up 6.62%.

However, Radico Khaitan, Aurobindo Pharma, Kalpataru Power, Punj Lloyd and PTC India fell 5-9%.

In smallcap space, Hexaware Tech, Balkrishna Inds, Goodyear, Prraneta Inds and Geodesic were up 6% while A K Capital Services, JK Cement, KRBL, KPR Mill and Mafatlal Ind slipped 6-12%.

15:02
The benchmark Sensex shed about 100 points amid volatility and the Nifty slipped below 5450 level at 14:58 hours, which has been moving in a range of 5400-5500 since previous week.

Read More »

13:40
Indian equity benchmarks were choppy in trade at 13:36 hours, ahead of F&O expiry for the month of February tomorrow as well as budget on Monday. On one side, heavyweights like Reliance Industries, HDFC and Bharti Airtel were quite supportive with 1.5-2.5% jump.

Read More »

12:11
The benchmark Sensex was directionless today and was hovering just around its previous closing value at 12:06 hours, ahead of expiry tomorrow and budget on Monday.

Read More »

10:55
Equity benchmarks were lacklustre in trade and were moving in a narrow range ahead of expiry tomorrow and budget next week at 10:51 hours. The Nifty was in a range of 5460-5490 since early trade.

Read More »

09:18
The benchmark Nifty was quiet in opening trade following mixed Asian cues. Indices were hovering around the previous closing values and awaiting for next trigger.

Read More »

READ MORE ON  sensex, nifty, markets

ADS BY GOOGLE

Buy & sell politicians on Power Play
- the political stock exchange

Price Update

Arvind Kejriwal

1712.43 0.47 0.03%

75791

Bought today

26874

Sold today

0.53%

User holding

video of the day

Super bullish Samir Arora sees 10-15% mkt upmove by May-end

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.