Sensex, Nifty stall as crude oil prices rise; IOC, HPCL, BPCL down 3% each; Sintex Industries gains 15%

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Published: May 9, 2018 10:27:17 AM

Indian stock markets resumed into positive territory after opening marginally down in the opening deals on Wednesday with Sensex and Nifty trading little higher led by the shares of TCS, HDFC Bank, Yes Bank, ITC and Infosys.

The benchmark Sensex was trading down 0.04% at 35,203.9 while NSE Nifty was trading 0.07% lower at 10,709.85 on Wednesday. (Image: Reuters)

Indian stock markets resumed into positive territory after opening marginally down in the opening deals on Wednesday with Sensex and Nifty trading little higher led by the shares of TCS, HDFC Bank, Yes Bank, ITC and Infosys. Shares of Tata Group’s steelmaker firm Tata Steel rose more than 1% on Wednesday after the company informed that the board of directors will meet on 16 May 2018 to consider and take on record the Audited Standalone and unaudited consolidated financial statements and results for the quarter and the financial year ended 31 March 2018. The board will also consider to recommend a dividend, if any, for the previous fiscal year.

Shares of India’s fifth-largest private sector lender Yes Bank emerged as the top gainers among the components of BSE Sensex on Wednesday. The stock of Yes Bank rose 1.88% to a day’s high of Rs 349.8 on BSE today. Other major gainers include Tata Steel (up 1.32%), TCS (up 1.04%), Tata Motors (up 1%) and ONGC (up 0.7%). While, on the other hand, shares of SBI, HDFC, ICICI Bank slipped more than 1%. At the time of writing, the benchmark Sensex was trading down 0.04% at 35,203.9 while NSE Nifty was trading 0.07% lower at 10,709.85 on Wednesday.

Shares of oil marketing companies such as IOCHPCL, BPCL cracked more than 3% on Wednesday after the Brent crude surpassed the $76 level. The stocks of IOC (down 3%), BPCL (down 3.08%) and HPCL (down 3.53%) fell into losses in the late trade on Wednesday.

Shares of Sintex Industries topped the deck of ‘A’ group of equity shares of BSE. The stock of Sintex Industries rose 15% to a day’s high of Rs 19.45 after the company declared a dividend of Rs 0.1 per equity share of face value Re 1 on Tuesday. “Due to ongoing expansion of business activities and converse resource, the board of directors has recommended a dividend @ 10% i.e. Rs 0.10 per equity share of Re 1 each of the company for the year ended on 31 March 2018 subject to approval of the members in the ensuing Annual General Meeting,” Sintex Industries said in an exchange filing.

Wall Street cut losses to end little changed on Tuesday while energy stocks rallied after US President Donald Trump said the United States would quit the Iran nuclear deal, confirming what many investors had expected, Reuters said in a report. The S&P energy sector erased earlier losses to end the day up 0.78% as oil prices reduced earlier declines on bets that the sanctions would disrupt global crude supplies, Reuters added. The Dow Jones Industrial Average ended 0.01% higher at 24,360.21, Nasdaq Composite added 0.02% to 7,266.90 while the S&P 500 ended down 0.03% to 2,671.92.

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