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Banking stocks weigh down markets
Tue, 14 Jul Closing

The Indian markets end on a flat note with mixed macro-economic data. The Sensex today ended lower by 29 points and the NSE-Nifty ended lower by 6 points. The S&P BSE Midcap and S&P BSE Smallcap ended the day trading higher by 0.14% and 0.36% respectively.

Asian markets finished on a mixed note at the most recent closing prices. Nikkei gained 1.47%, while the Hang Sang lost 0.41%. The rupee was trading at 63.46 against the US$ in the post noon session.

Stocks in the oil and gas ended their day on a mixed note with HPCL leading the winners and Essar Oil leading the losers. State-run oil and gas producers are expected to bear a subsidy burden of Rs 50-Rs 60bn this fiscal under a new subsidy sharing formula devised by the government. Oil and Natural Gas Corporation (ONGC) and Oil India, along with the government, compensate fuel retailers for losses they incur on selling cooking gas and kerosene at below-market rates. The government has decided to provide a subsidy of Rs 12 per litre of kerosene. Stock of ONGC ended the day on a negative note.

Stocks in the banking sector traded on a negative note with DCB Bank and South Indian Bank leading the losers. Yes Bank has received approval from RBI to set up IFSC Banking Units (IBUs) in Gujarat International Finance Tec (GIFT) city. Yes Bank executive has said establishing the IBU will give boost to the bank's growth plans. The bank will have access to International financial markets. It would also allow the bank to raise foreign currency funding through Medium Term Notes (MTN). Stock of Yes Bank ended the day on an negative note.

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Views on News

RELIANCE IND. at All Time High; BSE OIL & GAS Index Down 0.4% (Market Updates)

Jul 20, 2018 | Updated on Jul 20, 2018

RELIANCE IND. share price has hit an all time high at Rs 1,122 (up 1.64%). The BSE OIL & GAS Index is down by 0.41%. Among the top gainers in the BSE OIL & GAS Index today are RELIANCE IND. (up 1.64%) and GAIL (up 0.57%). The top losers include OIL INDIA LTD. (down 0.02%) and CASTROL INDIA (down 0.29%).

ONGC: Higher Volumes and Oil Prices Support Performance (Quarterly Results Update - Detailed)

Nov 3, 2017

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GAIL (India) Ltd has announced results for the quarter ended December 2016. reported 9.4% year on year (YoY) decline in sales, while bottom-line grew 45.4% YoY.

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Mar 17, 2017

ONGC has announced results for the quarter ended December 2016. The company has reported 9.2 % year on year (YoY) growth in sales, while bottom-line grew 197% YoY.

Oil India Ltd: A weak quarter (Quarterly Results Update - Detailed)

Jan 24, 2017

Oil India Limited announced results for the quarter ended September 2016. The company has reported an 6.5% and 7.8% Year on Year (YoY) decline in sales and net profit respectively during the quarter.

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S&P BSE OIL & GAS


Jul 20, 2018 10:09 AM

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