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Share market update: OMCs trade in the red, GAIL dips 1%
PSU Watch Bureau
New Delhi: Oil Marketing Companies (OMCs) witnessed a bad start on the stock market today as S&P Oil and Gas Index plunged 0.52 percent to settle at 13,721.43. Shares of most state-owned companies and also private ones did not fare well on the index. While Gas Authority of India Limited (GAIL) went down 1.19 percent, Hindustan Petroleum Corporation Ltd (HPCL) saw a 0.95 percent decline and Bharat Petroleum Corporation Ltd (BPCL) plunged 0.65 percent.
Reliance Industries also went down by 1.12 percent. Together, these companies were the worst performers on the index. Indraprastha Gas, which was down by 0.51 percent, Petronet LNG which saw a decline of 0.42 percent and Castrol India that plunged 0.32 percent on the index also traded lower. Consequently, National Stock Exchange's (NSE) Nifty50 index went down by 69.50 points to settle at 10,897.8, while BSE Sensex dropped 223.58 points to settle at 36,260.75.
On Nifty, out of the total 50 stocks, 14 were swimming in the green, while 36 stocks were in the red. Shares of South Indian Bank, Reliance Communications, City Union Bank, YES Bank, JP Associates, NCC, Hindustan Unilever, Suzlon Energy, DHFL and Infibeam Avenues saw the most trading on the NSE.
