Shares of oil marketing companies, paints and aviation fell up to 7% following the spike in oil prices
The domestic equity market on Monday as oil prices surged following drone attacks on Saudi Arabia's oil facility during the last weekend.
The BSE Sensex fell 356.05 points intra-day before closing 261.68 points, or 0.7% to 37123.31. Nifty, too, fell 107.7 points intra-day before recovering slightly and closing 72.40 points, 0.65% lower to 11003.50.
Of the 30-stock Sensex, 23 ended in the red, with Mahindra & Mahindra, State Bank of India, YES Bank, HDFC, Asian Paints, Tata Steel losing up to 2.55%. On the other hand, major gainers were Tech Mahindra, ONGC, Sun Pharmaceutical Industries, Hindustan Unilever, Tata Consultancy Services, Bharti Airtel, and HCL Technologies, gaining up to 1.4%.
IN BOUNCEBACK MODE
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- Shares of oil marketing companies, paints and aviation fell up to 7% following the spike in oil prices
- Market breadth remained strong, and for every stock decline two stocks closed in the green
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Among the sectoral indices on Nifty, seven indices were in the red, led by Nifty PSU Bank (-1.28%), Nifty Realty (-0.95%), and Nifty Financial Services (-0.92%). Nifty FMCG (0.56%), Nifty Pharma (0.47%), Nifty Media (0.28%), and Nifty IT (0.13%), however, closed in green.
Shares of oil marketing companies, paints and aviation fell up to 7% following the spike in oil prices.
According to Shrikant S Chouhan, senior vice-president, equity technical research, Kotak Securities, said Nifty and Sensex opened lower on the back of sudden surge in crude prices.
"Market breadth remained strong, and for every stock decline two stocks closed in the green. Core economy related sector like auto, capital goods and infrastructure closed lower, whereas defensive sectors Nifty IT, pharma and FMCG closed marginally higher. It was also because of Indian currency which collapsed to 71.67 per dollar at the opening, and remained nearer to 71.53 levels in the latter half of the day. Overall structure of the market is again turning defensive ahead of the meetings of Federal Reserve and Bank of England. Technically, Nifty should close above 11085 to rally further, till then it would remain rangebound between 11085 and 10930. Below 10930, Nifty would gradually fall to 10830 levels," Chouhan said.
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Among the sectoral indices on Nifty, seven indices were in the red, led by Nifty PSU Bank (-1.28%), Nifty Realty (-0.95%), and Nifty Financial Services (-0.92%). Nifty FMCG (0.56%), Nifty Pharma (0.47%), Nifty Media (0.28%), and Nifty IT (0.13%), however, closed in green.
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