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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian Markets Tank Over 1% 
(Thu, 26 Mar 01:30 pm) 
 
Indian markets fell over 1% as the sell-off extended in the post-noon session. While the BSE Sensex fell nearly 400 points, NSE-Nifty fell over 90 points and is trading well below the 8500 mark. Apart from capital goods and consumer durable, all other sectoral indices are trading in the red with major ones trading 1% lower. IT and Metals have witnessed maximum selling in today's trading session. BSE Mid Cap and BSE Small Cap are slightly better, trading lower by 0.4% and 0.5% respectively.

Commodities extended their gains due to the ongoing upscale war in Yemen. Gold price per 10 gram, increased 0.7% or Rs 177 and is available at Rs 26,660 while silver price per kilogram increased 0.8% or Rs 303 and is available at Rs 38,461. The ongoing war in Yemen weighed on the crude oil as a result of which the crude oil prices jumped over 4%. Per barrel, crude oil is available at Rs 3,220. The Dollar currency showed strength today as it appreciated by 0.6% or 0.35. Indian Rupee is trading at Rs 62.67 against the U.S. Currency.

Oil & Gas could not withhold early gains. However, companies like Bharat Petroleum and Petronet LNG are trading in green with gains of over 2% and 1% respectively. ONGC said that it plans to invest nearly Rs 400 bn in the KG Basin in the next 4 years. By the end of 2018, the company plans to explore 25 million standard cubic meters per day (mmscmd). By 2019, ONGC said, it will look for various pockets of investment that would involve oil exploration. Additionally, the company has also said that it will pay heed to Corporate Social Responsibility and enhance skill development in Krishna East and Godavari West. These programs will take place in association with the Andhra Pradesh Government. Shares of ONGC fell about 1.8% and touched a 52-week low.

Banking sector continued to witness selling pressure. Losses have been led by banks like State Bank of India and Punjab National Bank. However, shares of United Bank of India gained over 4% after the bank said that the Reserve Bank of India (RBI) has lifted the ban it had imposed 15 months ago. United Bank of India's non-performing asset ratio had touched 10% as a result of which RBI instructed the bank not to lend over Rs 100 mn to a single borrower nor would it participate in the exercise of restructuring loans. RBI lifted this ban after the bank agreed to RBI's condition like keeping capital adequacy ratio above 9.5% and credit deposit ratio not more than 70%.

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Jul 24, 2017 01:58 PM

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