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Nifty below 10,400 mark; HPCL, IOC stocks tank

The Nifty50 continues to remain in the red but has recovered from day’s low amid gains in Nifty IT and Metal index.
Share indices fluctuated between marginal gains and losses, with an upward movement in metal and IT stocks offsetting the subdued global cues.

At 1:11 PM, the BSE Sensex was trading at 33,894, up 13 points, while the Nifty50 index was trading at 10,394, down 8 points.

Oil Marketing Companies stocks witnessed a fall as the government has asked them to absorb the pressure of rising crude oil prices and pass on a partial benefit to consumers of Rs1/litre. This may lead to a contraction in the marketing margins of OMCs like HPCL, BPCL and IOC.

The BSE Midcap and the BSE Smallcap indices was down by 0.26% and 0.10%, respectively.

Auto stocks were mixed. TVS Motor Company (down 1.59%), Hero MotoCorp (down 0.49%), Tata Motors (down 0.38%), Ashok Leyland (down 0.21%) and Bajaj Auto (down 0.13%), edged lower. Maruti Suzuki India (up 0.06%), Escorts (up 1.13%) and Eicher Motors (up 1.96%), edged higher.

The Nifty PSU bank index traded lower by over 2% as stocks like SBI, PNB, OBC, Canara Bank, Andhra Bank, Allahabad Bank, Bank of India and Bank of Baroda dragged the index lower.

Nifty IT was trading higher by close to 1% led by HCL Tech, which jumped over 2%, while TCS added over 1%. KPIT Tech and Infosys were the other gainers.

M&M stock gained after the company announced that Mahindra Defence signed a Memorandum of Understanding with ShinMaywa Industries, Japan, manufacturer of Amphibious Aircraft US-2, at Defexpo 2018, Chennai.

Oil exploration stocks were trading higher on higher crude oil prices. ONGC, Oil India, Aban Offshore, Jindal Drilling & Industries, Hindustan Oil Exploration and Deep Industries were up in the range of 3% to 7% on the BSE.

Shares of Avenue Supermarts, Pidilite Industries, Dilip Buildcon and Sudarshan Chemicals hit fresh 52-week high, whereas Gitanjali Gems and SRS hit new 52-week low.

Volatility index India VIX was up 1.68% to 14.7425.

Vedanta (+2.8%), HCL Tech (+2.5%), ONGC (+1.4%), TCS (+1.2%) and Hindalco (+1.1%), were the top gainers on Nifty50.

HPCL (-7.5%), BPCL (-6.7%), IOC (-6.6%), Adani Ports (-2.5%) and SBI (-2.1%) were the top losers in today’s trade.

Out of 2,036 stocks traded on the NSE, 637 advanced, 1,038 declined and 372 remained unchanged today.