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Indian Markets Close Flat
Fri, 27 Mar Closing

Indian markets witnessed a volatile session today as it opened today's trading session on a firm note. BSE Sensex and NSE-Nifty opened with robust gains of over 200 points and 60 points but soon slipped into the red. However, the broader indices finished today's trading day on a flat note with sensex gaining just 1 point and Nifty losing 0.75 point. Among the sectoral indices, Oil & Gas companies faced maximum losses while banking companies gained a lot of investors' attention. Oil & Gas companies lost over 1.5% while the banking companies gained about 1.2%. BSE Mid Cap stocks closed today's session with gains of 5 points while BSE Small Cap stocks finished today's day with loss of 0.3%.

Commodities continue to trade on a negative note. Gold prices, per 10 grams, fell 0.8% or Rs 211 and are available at Rs 26,590 levels while Silver prices, per kilogram, are down 0.9%. It is available at Rs 38,280 levels, down Rs 332. Crude oil prices extended its losses beyond 2% to 2.4%. Per barrel crude oil is trading at Rs 3180 levels. This is reciprocal effect of the speculation that led investors to believe that strikes of Saudi Arabia and its allies will have no effect on the oil production. The Indian Rupee continues to trade on a flattish note against the US Dollar. US Dollar fell 0.2% or 0.11 against the Indian Rupee. Indian rupee is trading at Rs 62.56 levels against the US Dollar.

European stocks took a breather from the sell-off that occurred in the earlier part of the week. German and French equities are trading with modest gains of 0.11% and 0.31%, respectively. Investors focus is bound to be towards the reforms prepared by Greece's policy makers in an attempt to pull the country out of the crisis.

Oil & Gas companies faced maximum losses during today's trading session. Barring ONGC, all the companies falling under BSE Oil & Gas faced losses. Carin India lost the most, falling by 3%. Last week, the Government of India allowed Gail to import gas so that it could kick-start the gas-based power plants. In lieu of the subsidy provided to import gas, GAIL and Gujarat State Petronet has let go 75% of marketing margin and 50% of transmission rate. GAIL would be the only source of importing and distributing gas all over India while Gujarat State Petronet will take care only of Gujarat. Because of the demand-supply gap, reports suggest that 60% of the power plants are on the threshold of becoming a sick assets while the remaining power plants are likely operating below capacity. Shares of GAIL fell about 0.5%

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May 14, 2021 03:37 PM