Stocks In News: Indian Oil, BPCL, HPCL, Hero MotoCorp, Indiabulls Real Estate, ONGC
Here’s a look at the stocks in news moving the markets today.
Indian equity benchmarks fell in opening trade as Middle East tensions flared after U.S. airstrikes near Baghdad’s international airport killed Iran’s top commander Qassem Soleimani.
The S&P BSE Sensex fell 0.3 percent to 41,501 and the NSE Nifty 50 fell 0.3 percent to 12,241.70. The broader markets represented by SE Nifty 500 Index fell 0.2 percent.
The market breadth was tilted in favour of sellers. About 759 shares declined and 716 stocks advanced on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 0.79 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 0.3 percent.
Here’s a look at the stocks in news moving the markets today.
Indian Oil, BPCL, HPCL Decline As Brent Crude Advances
Shares of oil marketing companies—Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd.—declined after crude oil price spiked due to the flare-up in U.S.-Iran tensions.
Hero MotoCorp Swings After December Sales Report
Shares of Hero MotoCorp Ltd. fluctuated between gains and losses to trade 0.16 percent lower at 2,425.50 after reporting a six percent decline in December sales.
Of the shares traded, 42 percent were at the ask price and 37 percent were at the bid, according to Bloomberg data. The stock traded at 16 times its estimated earnings per share for the coming year.
ONGC Gains After Blocks Win, Goldman Sachs Upgrade
Shares of Oil and Natural Gas Corporation Ltd. rose as much as 4.2 percent to Rs 133.40. The oil and gas explorer won seven blocks offered under the fourth auction round, according to a Bloomberg report. Besides, Goldman Sachs upgraded ONGC’s stock rating to ‘Buy’ from ‘Neutral’, but cut its price target to Rs 175 from Rs 220.
Indiabulls Real Estate Hits Upper Circuit After Large Trade
Shares of Indiabulls Real Estate Ltd. hit an upper circuit of 5 percent at Rs 82.95.
About 12 lakh shares of Indiabulls Real Estate changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Trading volume was more than five times its 20-day average, Bloomberg data shows.
Nifty Bank Resumes Decline After a One-Day Breather
The NSE Nifty Bank Index resumed declines after a one-day breather. The decline in the 12-share gauge was led by the fall in Bank of Baroda, Punjab National Bank and HDFC Bank Ltd.
