Sensex, Nifty End Lower; OMCs Tank on Excise Duty Hike

Posted By:
Subscribe to GoodReturns

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.

 Sensex, Nifty End Lower; OMCs Tank on Excise Duty Hike
Indices
Sensex26,747.18Sensex Quote52.90 [0.20%]
Nifty8,261.75Nifty Quote14.90 [0.18%]
Software stocks had a good trading session with stocks like Wipro, HCL Tech and TCS gaining ground.

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.

GoodReturns.in

Read more about: sensex, nifty
Story first published: Thursday, November 13, 2014, 14:59 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?