Indian equity benchmarks kicked off today’s trade with a mixed start as any gains were offset by losses in the shares of the oil retailers–Hindustan Petroleum Corporation Ltd., Indian Oil Corporation Ltd., and Bharat Petroeum Corporation Ltd.
The S&P BSE Sensex Index fell as much as 0.2 percent to 35,134.2, while the NSE Nifty 50 Index fell as much as 0.3 percent to 10,689.8.
The market breadth was tilted marginally in favour of the buyers. Eleven of the 19 sectoral gauges compiled by the BSE fell, led by the S&P BSE Oil and Gas Index’s 1 percent decline. Among the top gainers, the metal index rose the most, up 0.9 percent.
Here Are The Stocks Moving The Markets This Morning:
Oil Retailers Fall As U.S. Pulls Out Of Iran Nuke Deal
Shares of oil retailers declined in early trade after President Donald Trump announced late last night that the U.S. would pull out of the nuclear accord with Iran, which was struck by his predecessor in 2015. The U.S. will also re-impose sanctions on Iran. Oil prices spiked as a result.
With oil marketing companies having kept petrol and diesel prices unchanged since April 24, rising crude oil prices are expected to put pressure on their margins.
- Hindustan Petroleum fell 3.8 percent
- Indian Oil fell 2.6 percent
- Bharat Petroleum fell 3.3 percent
India is also the second largest importer of oil from Iran.
Deccan Gold Mines: Rises On Favourable SC Judgement
Shares of the gold miner rose as much as 19.9 percent to Rs 62, the highest in a little over 19 months, after a favourable Supreme Court ruling.
Commenting on Supreme Court order, Sandeep Lakhwara, managing director at Deccan Gold Mines told BloombergQuint that the apex court verdict ensures preferential treatment in areas where exploration has taken place.
Trading volume was 26.9 times the 20-day average. The stock has given positive returns of 67.6 percent so far this year. That compares with gains of 3.4 percent in Sensex.
Metal Stocks Shine On The Exchanges
Metal stocks lead the benchmark indices in today’s trading sessions with Jindal Steel and Power and Hindalco Industries trading as the top gainers.
The indices have given negative returns so far this year, down almost 6 percent.
Hindalco Industries rose as much as 4 percent in intra-day trading today to Rs 248.4 extending its gaining streak to the third consecutive session after it’s wholly owned subsidiary, Novelis, reported a 17 percent rise in its revenue to $3.1 billion.
Sintex: Surges On Q4 Results
Shares of the Gujarat-based plastic container manufacturer rose as much as 15.7 percent to Rs 19.5 after losing for six consecutive sessions.
The sharp rise is on the back of a 15 percent surge in its net profit for the March-ended quarter.
- Revenue down 7 percent at Rs 617 crore
- Net profit up 15 percent at Rs 57 crore
- Ebitda up 20 percent at Rs 92.5 crore
- Margin at 15 percent versus 11.6 percent
Trading volume of the stock was 37 times the 20-day average. The stock has given negative returns of 31.5 percent so far this year.