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Metal, oil & gas stocks drag Sensex down 152 points

11 November, 2017, 01:54 | Author: Kristen Ingram
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All the sectoral indices led by metal, auto and oil & gas were trading in the negative terrain, falling by up to 0.92 per cent.

The 30-share BSE index, after opening strong at 33,417.35, touched the day's high of 33,484.70 on the back of foreign fund inflows. This is its weakest closing level since October 31, when it had ended at 33,213.13.

The 30-scrip S&P BSE Sensex closed at 33,218,81 points - down 151.95 points or 0.46 per cent from Tuesday's close.

Oil prices climbed 3.5 per cent overnight to quote above United States dollars 64 a barrel, the highest since early July 2015, as Saudi Arabia's crown prince cemented his power with an anti-graft crackdown which sparked fears of fresh geopolitical tensions and disruption in crude supplies.

Other laggards included SBI, Bharti Airtel, RIL, Sun Pharma, ONGC, Tata Steel, Tata Motors, Bajaj Auto and Asian Paints.

Sector-wise, the S&P BSE metals index declined by 228.92 points, followed by oil and gas index by 212.62 points and consumer durables index by 174.54 points.

A spurt in oil prices can trigger a fresh bout of inflation and spoil the fiscal maths of net energy importers like India. "It has the potential to be a headwind for the market if it continues to rise", said Sunil Sharma, Chief Investment Officer at Sanctum Wealth Management. "At least two-thirds of companies have exceeded expectations and that's a very healthy performance compared to at least last six quarters", Sharma added.

In other Asian markets, Hong Kong's Hang Seng index was down by 0.20 per cent, while Japan's Nikkei shed 1.38 per cent in early trade today. The home currency was down 0.23% from its Thursday's close of 64.94.

The Nifty50 closed the day's trade at 10,308.95 points, higher by 5.80 points, or 0.06 per cent, while the BSE Sensex closed at 33,250.93 points - up 32.12 points or 0.10 per cent. The Nasdaq Composite slipped 0.27 per cent to 6,767.78.

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