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Sensex, Nifty End Lower; OMCs Tank on Excise Duty Hike
The Sensex and the Nifty ended the day with losses with oil marketing company stocks falling sharply after the government announced a hike in excise duty of diesel and petrol.
The Sensex dropped 68 points, while the Nifty fell 25 points in trade. OMCs like BPCL fell 4 per cent, while HPCL fell a huge 5 per cent in trade. Castrol was the only gainer from the oil and gas space.
ONGC also joined the OMC and fell more than 2 per cent. Other stocks that dropped in trade from the Nifty were Metal stocks like Sesa Sterlite, NMDC and Jindal Steel.
PSU banking stocks did not have a good trading session with stocks like Bank of India, Punjab National Bank and Canara Bank among the losers.
Mid cap stocks also did not have a very pleasant trading session with stocks like Unitech falling as much as 4 per cent. Mcleoyd Russel was the other stocks that saw losses in trade.
Meanwhile, European markets were enjoying a good trading session with the German DAX, French CAC and the UK's FTSE trading higher.
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