Indian markets continued to maintain negative momentum as BSE Sensex fell over 125 points and NSE-Nifty fell nearly 65 points. Healthcare and IT sector have fallen over 2%, while Metals sector has gained over 1.5% in the mid-session. BSE Mid Cap and BSE Small Cap stocks, however, have fallen over 1%. While the smallcap stocks have fallen near 1%; the midcap stocks have fallen about 1.5%.
Commodities have gained momentum as the gold prices, per 10 grams, gained 0.4% or Rs 110, while Silver prices, per kilogram, gained 0.61% or Rs 223. Gold prices are available at Rs 26,750 levels, while the silver prices are trading at Rs 36,700 levels. Crude oil prices tanked over 1.7% or Rs 62 and are available at Rs 3,497 levels.
The oil & gas sector has managed to stay on the right side of the gains as investors expect better than expected results on the back of improving margins. Shares of Oil India Limited gained over 2.5% after the company said that it commissioned a 54 MW energy project in Gujarat and Madhya Pradesh. The Gujarat plant is commissioned with 16 MW capacity, while Madhya Pradesh plant is commissioned with 38 MW capacity at Chandgarh. The total project is valued around Rs 4.39 bn; Rs 1.26 bn for Gujarat and the balance for Madhya Pradesh.
Banking Stocks have also fallen over 1% owing to the sell-off. However, shares of Punjab National Bank gained 1% after the company told that it has deducted rates for the fixed deposits by 25 basis points (bps) or 0.25%. The interest rates on fixed deposits up to 5 years have been declined to 8.5%. The dates will be effective from April 23, 2015. The interest rate cut decision come after the SBI, Axis Bank and HDFC bank decided to reduce the lending rates.