News of Oil price hike make markets tumble
With the news of the Government okaying the approval to marginally hike petrol, diesel and LPG prices, stocks on the markets took a downward trend. Nifty is down 2.76%, Nifty Junior down by 3.82%, CNX IT is down 2.35%, Bank Nifty is down 2.98%, CNX 100 is down 2.91%, CNX Midcap is down 2.95% and Nifty Midcap 50 is down 4%
Sensex is down over 447 points and closed at sub-16K levels at 15,962.56. Sectorally, Realty, Metal, Power, Oil & Gas, Auto, Consumer Goods and Consumer Durables are hit the most.
Amogst the oil stocks, BPCL, Essar Oil and Cairn are hit the most as the scripts are down over 7% each. RIL Natural Gas is down 4.6%, Aban Offshore and Reliance down 4% each. Oil & Natural Gas Corporation (ONGC) opened at Rs. 843 levels and managed to close the day at Rs. 887.05
1 U.S. dollar = 104.460462 Japanese yen
1 U.S. dollar = 42.3603169 Indian rupees
1 U.S. dollar = 0.647039793 Euros
Add commentJune 4th, 2008