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India's stock market loses despite decline in oil prices

India's stock market loses despite decline in oil prices

The slide in oil prices pushed shares of oil marketing companies higher Thursday, but the broader market lost ground, hurt by talk of hedge fund selling.
Dealers said the market may slip further as investors remain cautious before Indian companies start announcing their quarterly numbers next week.
The Bombay Stock Exchange's 30-stock Sensitive Index, or Sensex, fell 162.38 points, or 1.3 percent, to 12,204.01.
On the rival National Stock Exchange, the 50-stock S&P CNX Nifty fell 54.25 points, or 1.5 percent, to 3,515.35.
"There is a weakness in key stocks due to some amount of profit taking by arbitrageurs who are offloading cash portfolios to create new positions once the results are out," said Deven Choksey, managing director of K.R. Choksey Shares & Securities.
Choksey expects the market to trade between 12,100 and 12,670 points.
State-run oil majors, Bharat Petroleum Corp. and Hindustan Petroleum Corp., gained 0.4 percent to 369.90 rupees and 1.5 percent to 284.15 rupees respectively. A local dealer said these stocks are expected to rise further as lower global crude oil prices help limit their revenue loss. Indian oil companies sell petroleum products in the local market at subsidized prices to contain inflation.
Light sweet crude for November delivery fell 18 cents to US$58.50 a barrel in midafternoon Asian electronic trading on the New York Mercantile Exchange.
Technology shares also ended lower in line with the overall weakness in the market. Infosys was down 0.8 percent at 1,803.20 rupees, Wipro down 2 percent at 509.10 rupees.


Updated : 2021-06-22 09:47 GMT+08:00