Equity indices in the green but oil marketing firms lose
May 06, 2020
Mumbai (Maharashtra) [India], May 6 : Equity benchmark indices wobbled during early hours on Wednesday amid mixed global cues but profit booking was seen in stocks of oil marketing and FMCG companies.
At 10:45 am, the BSE S&P Sensex was up by 321 points or 1.02 per cent at 31,774 while the Nifty 50 edged higher by 81 points or 0.88 per cent at 9,287.
Except for Nifty FMCG and PSU bank, all sectoral indices at the National Stock Exchange were in the positive terrain with Nifty financial service up by 2.4 per cent, private bank by 2.2 per cent and metal by 1.3 per cent.
The shares of oil marketing companies declined after the Centre hiked excise duty on petrol and diesel and asked them to absorb the price hike.
Hindustan Petroleum Corporation slipped by 7.4 per cent, IndianOil Corporation by 3.6 per cent and Bharat Petroleum Corporation by 2.8 per cent.
FMCG major ITC cracked by 5.6 per cent to Rs 164 per share. The other prominent losers were Bharti Infratel, UPL, Titan, Coal India and Cipla.
However, Hero MotoCorp was up by 4 per cent, Tata Motors by 2.8 per cent, ICICI Bank by 3.2 per cent and HDFC Bank by 2.6 per cent.
Among those which gained were Hindalco, ONGC, Bharti Airtel, Hero MotoCorp and Adani Ports.
Meanwhile, Asian stock markets traded on a mixed note as investors fretted over US-China tensions.
South Korea's Kospi gained by 1.08 per cent while Hong Kong's Hang Seng index advanced by 0.85 per cent but the Shanghai Composite declined by 0.36 per cent.
