Stock market
Flat start on D-Street! Nifty trades below 11,550; pharma gains
Weakness in the metals space has continued, with the Nifty Metal index falling over a percent, while auto and banks are trading in the red. Pharmaceutical names are the big gainers
Shares of oil marketing companies fell over a percent, with HPCL and BPCL hitting fresh 52-week lows, as crude oil prices move upwards. The Brent crude is hovering close to USD 80 per barrel and this has impacted sentiment among investors.
The likes of HPCL, BPCL and IOC were all down 1 percent.
Higher crude oil prices imply a hit on oil marketing companies’ revenues as their input costs rise. A weaker rupee adds as a double whammy to such companies.“For companies like BPCL and H
For companies like BPCL and HPCL, crude oil is a raw material which they will have to buy at the higher price and their final selling products are various refined products like petrol, diesel etc. The prices of these refined products may not necessarily increase by the same proportion as of the crude oil. As a result, the refining companies will start losing money,
It’s a flat start to the market on Wednesday morning, even as tepid global cues and a strengthening dollar weighing on investors’ concerns. The Nifty is trading below 11,550 range.
The Sensex is down 19.23 points or 0.05% at 38138.69, while the Nifty is up 1.70 points or 0.01% at 11522.00. The market breadth is narrow as 271 shares advanced, against a decline of 245 shares, while 63 shares were unchanged.
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